Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is not a purpose for which share premium may be utilized?
Aissuing fully oaid bonus share
Bwriting off preliminary expenses
Csettling salesman commission
Dproviding for redeemable preference shares
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Question 323
waec2011
The first calculating machine in data processing was
Aabacus
Bpascal
Cpunched cards
Ddigital
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Question 324
waec2011
The going concern concept assumes that
Aevery transaction is represented by a debit and credit entry
Bthe currency much not change
Cthe firm is a legal entity
Dthe business will continue to operate indefinitely
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Question 325
waec2011
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is
A₦20.000
B₦20,8000
C₦19,200
D₦10,000
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Question 326
waec2011
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Cost of production is
A₦10,000
B₦9,000
C₦8,000
D₦6,000
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Question 327
waec2011
The total value received by company as consideration for shares issued constitutes
Apaid-up capital
Bauthorized capital
Cworking capital
Dcapital employed
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Question 328
waec2011
John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's
Acash book and sals ledger
Bnominal ledger and sales ledger
Ccash book and purchases ledger
Dnominal ledger and purchases ledger
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Question 329
waec2011
A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of
Acommission
Boriginal entry
Ccomplete reversal of entry
Dprinciple
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Question 330
waec2011
Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses
Ai, ii and iv
Bi, iii and vi
Civ, v and vi
Dii, iii and v
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Question 331
waec2011
The document from which entries are transferred to the purchases day book is the
Awaybill
Bcredit note
Creceipt
Dinvoice
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Question 332
waec2011
Subscriptions owed by members of a club is a/an
Aasset
Bliability
Cprofit
Dsurplus
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Question 333
waec2011
Accumulated fund is also referred to as
Asurplus
Bporofit
Cdeficit
Dcapital
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Question 334
waec2011
A petty cashier operates with an imprest of D1,000 per week. At the end of the week he had disbursed D920. How much is needed to restore the imprest?
AD1,920
BD1,000
CD920
DD80
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Question 335
waec2011
The method of ascertaining capital from income record is by preparing the
Acash book
Bstatement of affairs
Csuspense account
Dcontrol account
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Question 336
waec2011
Goods returned by the buyer is recorded in the seller's book as
Acarriage inwards
Bcarriage outwards
Creturns outwards
Dreturns inwards
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Question 337
waec2011
Which of the following is a subsidiary book?
Acash book
Bbank statement
Ccontrol accounts
Dtrial balance
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Question 338
waec2011
Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is
A₦4,000
B2,740
C₦2,000
D₦750
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Question 339
waec2011
Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula's interest on drawings is
A₦2,000
B₦750
C₦700
D₦500
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Question 340
waec2011
Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro's share of the profit is
