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Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post}& Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total housing allowance was
AN1,608,000
BN840,000
CN768,000
DN168,000
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Question 462
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total transport allowance was
AN384,000
BN379,200
CN211,200
DN168,000
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Question 463
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Chief Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total basic salary for the year was
AN3,173,032
BN3,048,000
CN1,084,730
DN8555,600
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Question 464
waec2005
Which of the following is apportioned in proportion of the purchases of each department?
ADiscounts received
Bselling commission
Cbad debts
Dcarriage outwards
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Question 465
waec2005
Where goods are invoiced by a firm its branch at cost-plus, the branch stock adjustment accounts is used to determine
Acost price
Bbranch profit
Cselling price
Dbranch expenses
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Question 466
waec2005
When shares are sold at less than the nominal value, it means they are issued at
Aa premium
Ba loss
Ca discount
Dpar
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Question 467
waec2005
Which of the following is a capital reserve?
Aprofit and loss account balance
Bshare premium
Cgross profit
Dshare discount
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Question 468
waec2005
Which of the following ratios measure the ability of a firm to meet short-term obligations?
Anet profit margin
Bquick asset ratio
Cturnover
Dcreditors ratio
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Question 469
waec2005
The correct order of liquidity is
Astock, debtors, prepayments and cash
Bcash, payments, debtors and stock
Cstock, cash, debtors and preyaments
Ddebtors, stock, cash and prepayments
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Question 470
waec2005
When both debit and credit entries of a transaction are shown in the cash book, it is described as
Acontra entry
Breversal entry
Cdouble entry
Dsingle entry
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Question 471
waec2005
Books of account are opening by means of a
Apurchases journal
Bprincipal journal
Csales journal
Dreturns inward journal
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Question 472
waec2005
Direct material + direct expenses is
Aoverhead
Bprime cost
Ctotal cost
Dconversion cost
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Question 473
waec2005
Which of the following statements is no correct?
Aprofits increase capital
Blosses reduce capital
Cdrawings reduce capital
Ddrawings increase capital
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Question 474
waec2005
"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of
Asubstance over form
Bprudence
Cobjectively
Dmateriality
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Question 475
waec2005
Which of the following is not an accounting concept?
Aperiodicity
Baccuracy
Cconsistency
Dobjectively
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Question 476
waec2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Subscriptions relating to the year 2004 is
AD19,600
BD17,300
CD16,500
DD15,00
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Question 477
waec2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Rates charged to the income and expenditure Account for the year 2004 is
AD2,200
BD1,600
CD1,500
DD1,400
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Question 478
waec2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)
\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Accumulated fund as at 1st January 2004 is
AD54,100
BD52,800
CD52,600
DD51,300
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Question 479
waec2005
Where a firm has not kept proper books of account, an increase in closing capital over opening capital represents
Aprofit
Bloss
Cprepayments
Dcash balance
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Question 480
waec2005
Which of the following is not credited to debtors control account?
