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When provision is made for doubtful doubt, the accounting entries are
Adebit profit and loss account; credit provision for doubtful debt account
Bdebit debtors account; credit trading account
Cdebit profit and loss accoun; credit sales accoun
Ddebit trading account; credit debtors account
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Question 392
waec2008
In bank reconciliation, when a cash book shows a credit balance, uncredited cheques are i. deducted from the cash book balance. ii. added to the bank statement balance. iii. added to the cash book balance
Ai and ii only
Bi,ii and iii
Cii and iii only
Diii only
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Question 393
waec2008
Use the following information,
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinking of boreholes} & 100,000\\ \text{Staff salaries} & 150,000\\ \text{Electricity} & 14,000 \\ \text{Transport and travels} & 7000\\ \text{office expenses} & 9,000 \end{array}\)
Capital expenditure is
AD780,000
BD750,000
CD600,000
DD500,000
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Question 394
waec2008
Use the following information,
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinking of boreholes} & 100,000\\ \text{Staff salaries} & 150,000\\ \text{Electricity} & 14,000 \\ \text{Transport and travels} & 7000\\ \text{office expenses} & 9,000 \end{array}\)
Recurrent expenditure is
AD180,000
BD164,000
CD150,000
DD30,000
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Question 395
waec2008
Which of the following is not a subsidiary book?
Asales journal
Bcash book
Cpurchases ledger
Dgeneral journal
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Question 396
waec2008
Which of the following s not part of cost of production?
Adirect material cost
Bdirect wages
Cfactory overheads
Dadministrative overheads
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Question 397
waec2008
Mark-up on goods sent to branch are recorded in the books by crediting
Payment for shares in installments is done by means of
Acalls
Bcirculars
Csubscription
Dinvitation
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Question 399
waec2008
The class of shares to which payment of dividend depends on profit is
Aforfeited shares
Bordinary shares
Cbonus shares
Dpreference shares
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Question 400
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
ALe 185,100
BLe 139,200
CLe 136,200
DLe 131,200
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Question 401
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
ALe 42,200
BLe 37,200
CLe 32,200
DLe 19,200
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Question 402
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
ALe 47,200
BLe 42,200
CLe 37,200
DLe 19,800
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Question 403
waec2008
A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit
Aregina's account ₦27 : credit cash account ₦27
Bcash account ₦27 : credit Regina's account ₦27
CRegina's account ₦143 : credit cash account ₦143
Dcash account ₦143 : credit Regina's account ₦143
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Question 404
waec2008
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?
Aauthorized capital
Bregistered capital
Cissued capital
Dnorminal capital
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Question 405
waec2008
The purchase of furniture, an asset to the company was debited to purchases account. This is an error of
Aomission
Boriginal entry
Cprinciple
Dcommission
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Question 406
waec2008
Which of the following is not an item in the appropriation account of a company?
Ageneral reserve
Bcompany tax
Cdebenture interest
Dgoodwill written off
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Question 407
waec2008
The difference between factory cost of goods produced and its market value is
Ainterest
Bpremium
Cmanufacturing profit
Dmanufacturing overhead
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Question 408
waec2008
Which of the following is not a debit item in partners appropriation account?
Ainterest on capital
Bsalary
Cshare of profit
Dshare of loss
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Question 409
waec2008
Use the following information
\(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Closing capital is
A₦81,000
B₦78,000
C₦74,000
D₦64,000
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Question 410
waec2008
Use the following information
\(\begin{array}{c|c} & ₦ \\\hline \text{Opening capital} & 60,000 \\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Net profit is
