Accounting Past Questions

Question 511

waec 2015

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

ABusiness entity

BGoing concern

CConsistency

DDuality

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Question 512

waec 2015

The accounting concept that assumes that a business will continue operating for an indefinite period is

ABusiness entity

BGoing concern

CConsistency

DDuality

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Question 513

waec 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

AMateriality

BAccural

CGoing concern

DBusiness Entity

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Question 514

waec 2015

In the balance sheet of a social club, subscription owing is treated as a

ACurrent liability

BCurrent asset

CTangible asset

DLong term liability

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Question 515

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Net profit for the year is

AD12,260

BD3,740

CD2,440

DD2,040

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Question 516

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Closing capital is

AD8,100

BD7,400

CD6,700

DD5,200

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Question 517

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Opening capital is

AD5,660

BD5,060

CD4,460

DD2,960

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Question 518

waec 2015

Which of the following is a not revealed by a firm's accounting records?

AProfit of a period

BQuality of labour force

CCredit worthiness

DValue of assets

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Question 519

waec 2015

The total of the returns outwards journal is posted to the

ACredit side of the returns outwards book

BDebit side of the returns outwards account

CDebit side of the purchases returns book

DCredit side of the returns outwards account

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Question 520

waec 2015

Which of the following items is found in the sales ledger control account?

ADiscount received

BTotal credit purchases

CDiscount allowed

DReturns outwards

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Question 521

waec 2015

The process of using sales ledger balance to cancel off purchases ledger balance is

ABalancing

BSet off

CReconcilation

DCancelling

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Question 522

waec 2015

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

ACurrent liability

BExpenses

CIncome

DCurrent asset

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Question 523

waec 2015

Which of the following is not a method of depreciating fixed assets?

ARevaluation

BStraight Line

CDiminishing balance

DObsolescence

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Question 524

waec 2015

The cost of putting goods into a saleable condition is charged to

ABalance sheet

BTrial balance

CProfit and loss account

DTrading account

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Question 525

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

Electricity in arrears as at June 30, 2012 amounted to

AGH¢ 12,000

BGH¢ 10,000

CGH¢ 8,000

DGH¢ 4,000

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Question 526

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012 is_____?

AGH¢ 36,000

BGH¢ 30,000

CGH¢ 27,000

DGH¢ 24,000

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Question 527

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

Advertising owing in respect of the year ended June 30, 2012 is _______?

AGH¢ 12,000

BGH¢ 9,000

CGH¢ 6,000

DGH¢ 3,000

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Question 528

waec 2015

Unpresented cheques are cheques_________

AThat have been recorded in the cash book but not by the bank

BThat have been received by the bank, but not recorded in the cash book

CReturned by the bank

DWritten but not handed over to customers

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Question 529

waec 2015

When the invoice of a customer is overcast, the supplier will send to him a

ACheque

BPayment voucher

CDebit note

DCredit note

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Question 530

waec 2015

Which of the following expresses the accounting equation?

ACapital + assets = liabilities

BAssets - liabilities = Capital

CLiabilities + Current Assets = Fixed assets

DLiabilities - Capital = Current assets

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