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Which of the following will not make a trial balance total to agree?
Aincomplete posting in the ledger accounts
Bdouble entry for each transaction
Comission of a trabsaction from the ledger
Dwrong entry of correct amount into different groups of accounts
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Question 22
waec1999
Profit expressed as a proportion of cost price is
Agross profit
Bmark-up
Cmargin
Dprofit percentage
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Question 23
waec1999
Which of the following is a contra entry?
Alodgement of cheques into bank account
BLoggement of cash in hand into bank account
Cwithdrawal of cash for private use
Dtreatment of discount receivd in the cash book
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Question 24
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is
AN6,000
BN3,250
CN2,000
DN1,250
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Question 25
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?
AN3,375
BN2,625
CN2,000
DN1,875
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Question 26
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?
AN8,500
BN6,625
CN6,500
DN6,000
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Question 27
waec1999
Carriage outwards is charged to
Atrading account
Bappropriation account
Cpurchases account
Dprofit and loss account
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Question 28
waec1999
Carriage outwards is charged to
Acredited to the trading account
Bdebited to the profit and loss account
Ccredited to the profit and loss account
Dcredited to the appropriation account
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Question 29
waec1999
Discount received is
Acredited to the trading account
Bdebited to the Profit and Loss Account
Ccredited to the Profit and Loss Account
Dcredited to the Appropriation Account
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Question 30
waec1999
Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include
Abank charges
Bstanding order
Cpresented cheque
Dinterest overdraft
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Question 31
waec1999
Errors in the ledger can be corrected through
Ajournal proper
Bsales day book
Cpurchases day book
Dcontrol account
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Question 32
jamb1999
Determine the owners equity
AN200,000
BN 215,000
CN275,000
DN755,000
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Question 33
jamb1999
Use the information below to answer the question
The quick ratio is
A0. 82: 1
B0. 91:1
C0.95:1
D1:53:1
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Question 34
jamb1999
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
AN 535,650
BN628,300
CN637,950
DN647,600
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Question 35
jamb1999
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
What is the closing stock for the period?
AN 69,300
BN81,300
CN81,600
DN106,400
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Question 36
jamb1999
Given:
Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period
AN29,000
BN 31,500
CN46,500
DN50,000
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Question 37
jamb1999
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
What is the balance c/d in the purchases ledger control account?
AN 2,000
BN 8, 000
CN 40, 000
DN49,000
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Question 38
jamb1999
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is
AN 480,000
BN490000
CN 500,000
DN540,000
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Question 39
jamb1999
Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
AN 9,300
BN 6,600
CN4,850
DN 4,450
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Question 40
jamb1999
The conventional sources of public revenue includes?
