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Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is
A4.0 times
B3.6 times
C3.3 times
D2.0 times
E1.8 times
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Question 22
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The working capital is
A48,000
BN33,000
CN28,000
DN25,000
EN10,000
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Question 23
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The net profit percentage is
A100%
B67%
C50%
D33%
E17%
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Question 24
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The gross profit percentage is
A67%
B55%
C50%
D45%
E33%
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Question 25
waec1998
Carriage inwards are included on goods
Aon display
Bsold
Cin process
Dpurchases
Eon return
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Question 26
waec1998
The accountant general disburses government fund by the use of
Aa voucher
Ba warrant
Can estimate
Da vote
Eaa provision
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Question 27
waec1998
Which of the following is a source of the local government Revenue?
Apersonal income tax
Bsales of armed forces property
Crepayment (state)
Drepayment (Interest and General)
Emarket rates
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Question 28
waec1998
Opening stock + Purchases + carriage inwards is equal to
Atotal sales
Bcost of goods sold
Ccost of goods available for sale
Dgross profit
Eprime cost
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Question 29
waec1998
Which of the following is the least liquid?
Astock
Bdebtors
Cbills receivable
Dpayment machinery
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Question 30
jamb1998
If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in?
Athe general fund
Bagency fund
Cspecial fund
Dgeneral long-term fund
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Question 31
jamb1998
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
Asurrendered to the consolidated revenue fund
Bcarried forward to the next financial year
Creserved to meetany deficits or contingencies
Dreturned to the taxpayer
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Question 32
jamb1998
In a public corporation, the capital expenditure incurred in a financial period is?
Aspread over the useful life of the assets through depreciation
Bapportioned at a pre-determined rate stipulated by law
Cwritten off in the year in which they occur
Dmerged with recurrent expenditure and reported in one required lump sum
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Question 33
jamb1998
The term fiscal compliance means?
Aal financial and related laws and regulations are adhered to
Bonly the budget fir the current period is complied with and no deficits allowed
Call physical assets requirements have been met
Dfiscal planning is necessary for proper accountabilit in the public sector
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Question 34
jamb1998
The difference between the closure of the books of a branch and those of a separate company is that?
Athere is retained earnings account on the branch books
Bthe revenue and expenses account is closed to branch current account
Cthere is no retained earnings account on the branch
Dthe revenue and expenses account is not closed to the home office current account
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Question 35
jamb1998
Which of the following entries is effected by a department when goods are charged to it at selling prices?
Astock account is debited
Bpurchases account is debited
Cstock account is credited
Dmark-up account is debited
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Question 36
jamb1998
To compute gearing ratio, divide?
Aprofit by capital employed
Bcurrent assets by current liability
Cprofit by total assets
Dlong-term debts by equity capital
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Question 37
jamb1998
The part of equity which is payable on winding up is called?
Ageneral reserve
Brevenue reserve
Ccapital reserve
Dnormal reserve
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Question 38
jamb1998
Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.
Ai, ii and iii only
Bi, ii and iv only
Ci, iii, and iv only
Dii, iii and iv only
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Question 39
jamb1998
Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?
Aa book value of N14 per share
Ba book value of N20 per share
Ca deficit of N420,000
Dretained earnings of N600,000
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Question 40
jamb1998
The ordinary shareholders enjoy the following rights except the right to?
