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Subscription prepared by members is recorded in the balance sheet of a club as a
Acurrent liability
Bcurrent asset
Cfixed asset
Dlong term liability
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Question 383
waec2009
In the absence of an agreement, partners share profits
Abased on activeness of a partner
Bbased on capital contribution
Con patronage basis
Don equal basis
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Question 384
waec2009
As a basis for assessing future usage, fixed assets are shown at
Aselling price
Bcost price
Ccost plus residual value
Dnet book value
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Question 385
waec2009
Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
Asales day book
Bcash book
Cpurchase day book
Dgeneral journal
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Question 386
waec2008
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
A₦115,500
B₦110,000
C₦95,500
D₦44,500
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Question 387
waec2008
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing debtors figure is
A₦140,000
B₦134,500
C₦80,000
D₦69,000
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Question 388
waec2008
Which of the following is not an instrument for controlling public expenditure?
Aconstitution
Bfinancial regulation
Cbudget
Dmemorandum
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Question 389
waec2008
Which of the following is a norminal account?
Abank account
Bcash account
Csales account
Dstock account
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Question 390
waec2008
Trade creditors personal accounts are found in the
Apurchases ledger
Bsales ledger
Cgeneral ledger
Dsales day book
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Question 391
waec2008
Which of the following is a storage device?
Adiskette
Bkey board
Cprinter
Dmonitor
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Question 392
waec2008
The practice of identifying with one constant approach where a number of approach exist for solving an accounting problem is the convention of
Aconservatism
Bconsistency
Cprudence
Dmateriality
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Question 393
waec2008
Repairs to air conditioners was debited to office equipment account. This is an error of
Aprinciple
Bcommission
Coriginal entry
Dcompensation
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Question 394
waec2008
Carriage inwards is posted to
Atrading account
Bprofit and loss account
Cappropriate account
Dbalance sheet
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Question 395
waec2008
The entries to record goods bought for cash are: debit
Acash account; credit purchases account
Bpurchases account ; credit cash account
Cpurchases account; credit stock account
Dpurchases account; credit goods account
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Question 396
waec2008
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space}& & 200m^2 & 100m^2 \end{array}\)
Rent apportioned to Department B is
A₦4,000
B₦3,600
C₦2,000
D₦1,600
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Question 397
waec2008
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \\ \hline \text{Turn over} & ₦100,00 & ₦80,000\\ \text{Commission} & ₦3,600 & & \\ \text{Rent} & ₦6,000 & & \\ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?
A₦9,600
B₦3,600
C₦2,000
D₦1,600
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Question 398
waec2008
Which of the following is an advantage of the imprest system?
Arewarding the imprest holder
Breducing the burden of petty cashier
Crreimbursting the petty cashier regularly
Dreducing the posting for small expenses into the main ledger
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Question 399
waec2008
A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is
Abusiness entity
Bgoing concern
Caccrual
Dmateriality
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Question 400
waec2008
An approach for discovering missing figures in incomplete records is the use of
