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Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
AN52,2000
BN51,200
CN48,300
DN39,500
EN28,000
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Question 652
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
AN56,5000
BN40,300
CN39,500
DN28,000
EN22,000
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Question 653
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
AN68,300
BN57,000
CN40,300
DN39,500
EN34,000
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Question 654
waec1998
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount
Ai
Bii
Ciii
Dii and iii
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Question 655
waec1998
Which of the following is the personal ledger?
Aassets account
Bdiscount allowed account
Csales account
Ddiscount received account
Edebtors account
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Question 656
waec1998
Partners salary is shown in the
Atrading account
Bprofit and loss account
Cincome and expenditure
Dprofit and loss appropriation account
Epartner's capital account
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Question 657
waec1998
Which of the following is not a Nominal Account?
Aelectricity account
Bfurnitures and fittings account
Cpostages and telephone account
Dinsurance account
Ediscount allowed account
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Question 658
waec1998
A balance sheet is prepared
Afor the year ended...........19 x 1
Bfor............19 x 1
Cas to.............19 x 1
Din the year..............19 x 1
Eup to...........19 x 1
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Question 659
waec1998
Which of the following is n asset?
Abad debt provision
Brent in arrears
Csales
Daccrued wages
Einsurance prepaid
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Question 660
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is
A4.0 times
B3.6 times
C3.3 times
D2.0 times
E1.8 times
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Question 661
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The working capital is
A48,000
BN33,000
CN28,000
DN25,000
EN10,000
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Question 662
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The net profit percentage is
A100%
B67%
C50%
D33%
E17%
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Question 663
waec1998
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The gross profit percentage is
A67%
B55%
C50%
D45%
E33%
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Question 664
waec1998
Carriage inwards are included on goods
Aon display
Bsold
Cin process
Dpurchases
Eon return
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Question 665
waec1998
The accountant general disburses government fund by the use of
Aa voucher
Ba warrant
Can estimate
Da vote
Eaa provision
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Question 666
waec1998
Which of the following is a source of the local government Revenue?
Apersonal income tax
Bsales of armed forces property
Crepayment (state)
Drepayment (Interest and General)
Emarket rates
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Question 667
waec1998
Opening stock + Purchases + carriage inwards is equal to
Atotal sales
Bcost of goods sold
Ccost of goods available for sale
Dgross profit
Eprime cost
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Question 668
waec1998
Which of the following is the least liquid?
Astock
Bdebtors
Cbills receivable
Dpayment machinery
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Question 669
waec1997
Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)
The capital expenditure of the club for the year was
AN5,250
BN5,450
CN5,125
DN3,600
EN2,500
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Question 670
waec1997
Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)
The total expenses debited to Income and Expenditure Account for the year was
