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The total of the purchases day book is posted to the purchases account in the
Apurchases ledger
Bgeneral ledger
Cprivate ledger
Dnominal ledger
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Question 552
waec2002
The capital sum which represents the difference between he asset and liabilities of a society or club is
Aworking capital
Baccumulated fund
Cconsilidated fund
Dreserved capital
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Question 553
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
AN24,000
BN21,000
CN18,000
DN9,000
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Question 554
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is
AN48,000
BN39,000
CN36,000
DN21,000
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Question 555
waec2002
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
AN39,000
BN16,000
CN14,000
DN12,000
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Question 556
waec2002
Which of the following is not an accounting concept?
Aentity
Bgoing-concern
Cconsistency
Dhistorical cost
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Question 557
waec2002
The double entry for refund of unsuccessful application monies is debit
Aapplication for shares account, credit bank account
Bbank account, credit application for shares accoun
Callotment account, credit bank account
Dcash account, credit bank aaccount
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Question 558
waec2002
The term bad debt is used to describe
Aa debt that cannot be recovered
Ba debt that is long over due
Can overcharge on a debtor's account
Da debt owned by a former employee
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Question 559
waec2002
A provision is
Aan amount set out of profit for other uses
Ban amount of loss from trading activities
Can expense of buisiness to be paid for in cash
Da loss in value of all business assets
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Question 560
waec2002
Carriage inward expenses of a business is treated in
Atrading account
Bbalance sheet
Cappropriation account
Dprofit and loss account
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Question 561
waec2002
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is
AN42,300
BN31,800
CN28,800
DN21,000
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Question 562
waec2002
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is
AN68,700
BN65,700
CN62,700
DN58,800
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Question 563
waec2002
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
AN34,500
BN31,500
CN28,500
DN28,500
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Question 564
waec2002
Which of the following belongs to the normal ledger?
Asalaries account
Bfixtures account
Cstock account
Ddebtors account
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Question 565
waec2002
Discounts allowed is charged to
Atrading account
Bbalance sheet
Ccurrent account
Dprofit and loss account
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Question 566
waec2002
Which of the following is not a liability?
Aaccrued wages
Brent arrears
Cprepayment
Dinsurance due but unpaid
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Question 567
waec2002
The source document sent by the seller to the buyer when goods are returned is
Acredit note
Bpurchase invoice
Csales invoice
Ddebit invoice
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Question 568
waec2002
The accounting equation is
ACapital less current assets amounts to Liabilities
Bassets less liabilities amount to capital
Cfixed assets and current Liabilities amount to capital
Dcapital assets amount t liabilities
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Question 569
waec2001
The excess of current assets over current liabilities is
