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Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the account as such. This error of
Aprinciple
Bomission
Creversal of entries
Doriginal entries
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Question 22
waec2001
Commission of N5,000 to a sales representative is debited to salaries account. This is an error of
Areversal of entries
Bprinciple
Ccommission
Dcompensation
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Question 23
waec2001
Suppliers personal accounts are found in the
Apurchases ledger
Bsales account
Cpurchases account
Dsales ledger
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Question 24
waec2001
In which ledger is the control account prepared?
ANominal ledger
Bgeneral ledger
Csales ledger
Dpurchases account
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Question 25
waec2001
A subsidiary record is a book
Aof ordinary entry
Bcontaining the ledgers
Cfound in the journal
Dcontaining the balance sheet
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Question 26
waec2001
Which of the following is a fictitious asset?
Aoverdraftt
Bcash in hand
Creserves
Dpreliminary expenses
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Question 27
waec2001
Which of the following explains the short term solvency of a company?
Aacid test ratio
Bdebtor to equity ratio
Cnet profit margin ratio
Dgross profit margin ratio
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Question 28
waec2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
AN4,000
BN3,728
CN3,483
DN1,842
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Question 29
waec2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
AN765
BN585
CN538
DN437
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Question 30
waec2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
AN765
BN585
CN536
DN517
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Question 31
waec2001
Prime cost consist of
Adirect material and direct labour cost
Bdirect material, direct labour and direct expenses
Cdirect material, direct labour, direct expenses overhead
Ddirect material and direct expenses
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Question 32
waec2001
Which of the following is not an example of a fictitious asset?
ARaw materials stock
Bdebit balance of profit and loss account
Cpreliminary expenses f a limited company
Dexpenditure on incorporation carried forward
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Question 33
waec2001
Which of the following has a debit balance at the end of the year?
Arates prepaid account
Bbank loan account
Cincome received in advance account
Dordinary share capital account
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Question 34
waec2001
The amount by which assets exceed specific liabilities is called
Areserve
Bprovision
Cpremium
Dbonus
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Question 35
waec2001
The income accruing to debenture holders is called
Adividend
Bnet profit
Cshares
Dinterest
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Question 36
jamb2001
The value of x is
AN4.00
BN5.00
CN5.50
DN6.00
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Question 37
jamb2001
WHAT IS THE STOCK VALUATION METHOD USED?
ALAST IN FIRST OUT
BFIRST IN FIRST OUT
CAVERAGE COST
DWEIGHTED AVERAGE
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Question 38
jamb2001
Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?
AN190,000
BN210,000
CN220,000
DN230,000
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Question 39
jamb2001
» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?
AN9M
BN11M
CN13M
DN16M
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Question 40
jamb2001
Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?
