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Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Gross profit for the year was
A₦4,650
B₦4,200
C₦3,750
D₦2,400
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Question 22
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Cost of sales for the year was
A₦10,965
B₦8,565
C₦7,215
D₦6,765
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Question 23
waec2007
A debit entry in the cash account and a corresponding credit in Alieu's account indicate a
Areceipt of cash from alieu
Bpayment of cash to Alieu
Csale of goods to Alieu for cash
Dpurchases of goods from alieu for cash
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Question 24
waec2007
Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be
Adebited to suspense account
Bcredited to suspense account
Cdebited to assets accounts
Dcredited to asset account
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Question 25
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Sales for the year was
A₦11,430
B₦11,295
C₦11,130
D₦10,965
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Question 26
waec2007
Which of the following statements is not true?
Aa trial balance is an account having debit and credit sides
Bexpenses, losses and assets have debit balances
Crevenues, gains and liabilities have credit balances
Da trial balance is a list of balances extracted from ledger accounts
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Question 27
waec2007
Financial accounting information is for
Ainternal use only
Bexternal use only
Cbusiness use only
Dinternal and external use
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Question 28
waec2007
Which of the following is not shown in the trial balance?
Aopening stock
Bclosing stock
Cdiscounts allowed
Ddiscounts received
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Question 29
waec2007
An example of direct expenses is
Ainsurance
Bcarriage inwards
Cpurchases of raw materials
Droyalty
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Question 30
waec2007
Factory costs excluding prime cost is
Aoverhead
Bmaterial cost
Cfixed cost
Dadministration cost
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Question 31
waec2007
The manufacturing account is prepared to determine the cost of
Atrading
Bproduction
Cfactory overhead
Draw materials
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Question 32
jamb2007
Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Determine the opening cash balance of the
AN3070
BN2220
CN5710
DN4320
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Question 33
jamb2007
Given:
Calculate the surplus income.
AN45 000
BN44 000
CN30 000
DN14 000
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Question 34
jamb2007
If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account
AN 1400
BN6 600
CN16 600
DN18 600
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Question 35
jamb2007
If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was
AN9 000
BN20 000
CN 1000
DN17 000
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Question 36
jamb2007
A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?
AN20
BN40
CN400
DN200
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Question 37
jamb2007
Given:
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?
AN4000
BN2000
CN6000
DN8000
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Question 38
jamb2007
One of the benefits of book-keeping records is that they?
Agive prospective investors accurate and direct information for decisions-making
Bprovide the public and creditors with details of the operations of an entity
Cgive legal backing to all the transactions undertaken by a business entity
Dprovide information without which the task of management would be difficult
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Question 39
jamb2007
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?
AA decraese in the total asssets by N5000
BAn incraese in the total liabilities and owners' equity by by N15 000
CAn increase in the total assets by N15 000
DA decrease in owners' equuity by N5000
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Question 40
jamb2007
Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
