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Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account
Ai and ii
Bii and iii
Ci and iii
Di,ii and iii
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Question 542
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is
AN35,500
BN25,000
CN21,000
DN20,000
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Question 543
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is
AN30,000
BN25,500
CN25,000
DN10,000
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Question 544
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
AN20,000
BN10,500
CN5,000
DN4,000
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Question 545
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde's capital is
AN10,000
BN5,000
CN4,000
DN1,500
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Question 546
waec2002
Partner's interest on capital is shown in the
Aprofit and loss account
Bpartners Fixed Capital account
Cprofit and loss Appropriation
Dtrading account
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Question 547
waec2002
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
Aaccrual
Bmateriality
Cprudence
Dgoing-concern
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Question 548
waec2002
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
Atrade discount
Bcash discount
Cquantity discount
Drebate
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Question 549
waec2002
Partner's interest on capital is shown in the
Aprofit and loss Account
Boartners fixed capital account
Cprofit and loss appropriation account
Dtrading account
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Question 550
waec2002
A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of
Aaccrual
Bmateriality
Cprudence
Dgoing-corncern
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Question 551
waec2002
The price paid for the purchase of a business is
Acredited to cash accounted to cash account and debited to vendor's account
Bdebited to cash account and credited to Vendor's Account
Cdebited to business purchase Account and credited to Asset Account
Dcredited to cash Account and debited to Asset Account
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Question 552
waec2002
The financial plan of the government for a year is contained in the
Aanalysis book
Bgazette
Cbudget
Dvote
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Question 553
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is
AN57,300
BN47,500
CN40,000
DN37,500
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Question 554
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is
AN32,000
BN26,000
CN25,600
DN14,000
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Question 555
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
AN28,500
BN20,150
CN19,750
DN17,000
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Question 556
waec2002
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is
AN32,750
BN20,150
CN19,750
DN11,000
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Question 557
waec2002
Into how many types can general purpose computers be classified?
Athree
Bfour
Cfive
Dsix
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Question 558
waec2002
The amount for which a business is sold is
Apurchase consideation
Bpremium
Ccapital reserve
Dgoodwill
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Question 559
waec2002
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
Aon pro-rate
Bat discount
Cat par
Dat premium
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Question 560
waec2002
The document authorising an officer to incur expenditure is known as
