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Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
Acurrent lability
Bcurrent asset
Clong term liability
Dfixes asset
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Question 602
waec2000
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
AN2,000
BN1,700
CN1,400
DN1,300
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Question 603
waec2000
When a buyer is undercharged, the seller forwards
Aa debit note
Ba credit note
Can undercast note
Da payment receipt
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Question 604
waec2000
Prepaid rent of N650 had been recorded as N560. This is an error of
Acommission
Bprinciple
Ccompensation
Doriginal entry
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Question 605
waec2000
Gross Profit of a business is the
Aexcess of sales over all the trading expenses
Bdifference between sales and purchases
Cexcess of sales over the cost of goods sold
Ddifference between discounts received and discount allowed
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Question 606
waec2000
Expenses incurred when incorporating a company are
Apreliminary expenses
Bselling expenses
Cadministrative expenses
Dfinancial expenses
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Question 607
waec2000
The entries necessary for recording profit loading on goods sent to branch are
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. Capital reserve was
AN1,500
BN1,000
CN500
DN150
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Question 609
waec2000
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. The purchase consideration was
AN31,500
BN30,000
CN28,500
DN28,000
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Question 610
waec2000
Closing stock was overstated. The effect is that
Aamount of goods available was understated
Bcost of goods sold was overstated
Camount of sales was understated
Dgross profit was overstated
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Question 611
waec2000
When goods are purchased on account, the accounting entries are
The ratio which measures the solvency of a firm is the
Aquick ratio
Bgross profit over sales ratio
Cstock turnover ratio
Ddebtors turnover ratio
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Question 613
waec2000
A partner who has full power of participating in the conduct of a partnership business is a
Ageneral partner
Blimited partner
Csleeping partner
Dnominal partner
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Question 614
waec2000
In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
A50,000
B25,000
C20,000
D10,000
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Question 615
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?
AN10,000
BN7,000
CN6,000
DN4,000
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Question 616
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?
AN2,000
BN1,500
CN1,000
DN500
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Question 617
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob's share of profit?
AN10,000
BN8,000
CN5,000
DN4,000
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Question 618
waec2000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?
AN12,000
BN10,000
CN8,000
DN5,000
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Question 619
waec1999
When a shareholder fails to pay the calls requested from him, this situation leads to
Aforfeiture of shares
Bbonus shares
Cover-subscription
Dright issues
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Question 620
waec1999
Which of the following is nit a petty cash book item? purchase of
