Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Calculate the stock figure to be included in the balance sheet at the year end
AD408,000
BD346,000
CD284,000
DD62,000
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Question 572
waec2014
Which of the following information is recorded in the returns outwards book?
Agoods purchased on credit and susequently returned to suppliers
Bfixed asset bought on credit and subsequently returned to supplier
Ccash payment received from a customer and subsequently returned to supplier
Dgoods sold to a customer and subsequently returned to the business
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Question 573
waec2014
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
Abusiness entity
Bmateriality
Cdual aspect
Drealization
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Question 574
waec2014
An example of input devices of a computer is
Aan optical character reader
Ba graph plotter
Ca visual display unit
Da printer
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Question 575
waec2014
The primary classification of government expenditure is based on
Aprograms
Bfund
Cactivity
Dproject
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Question 576
waec2014
When the purchase consideration exceeds the value of business, the difference is
Aprofit
Bdiscount
Cgoodwill
Dreserve
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Question 577
waec2014
The accounting ratio used to measure the average number of days for which suppliers remain unpaid is
Astock turnover
Bcreditor's payment period
Cdebtors collection period
Dreturn on capital employed
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Question 578
waec2014
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le\\ Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \{text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. Bee's share of profit is
ALe 8,000
BLe 6,000
CLe 4,800
DLe 3,200
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Question 579
waec2014
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le\\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\).
Profit sharing is in the ratio of capital. Aye;s share of profit is
ALe 6,000
BLe 4,800
CLe 4000
DLe 3,200
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Question 580
waec2014
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. The divisible profit is
