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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 amount of income credited to Income and Expenditure Account for the year was
AN6,250
BN5,450
CN3,600
DN1,850
EN1,125
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Question 662
waec1997
use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
The cost goods for the stationery is
AN4,120
BN3,400
CN3,000
DN2,800
EN2,400
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Question 663
waec1997
use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The profit of the Stationery Department is
AN1,880
BN1,600
CN880
DN520
EN280
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Question 664
waec1997
use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & \text{-Salaries} & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The net profit of Footwares Department is
AN1,880
BN1,600
CN880
DN520
EN280
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Question 665
waec1997
Use the following information to answer the given question
Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of revenue expenditure for 1995 was
AN26,000
BN230,000
CN220,000
DN22,000
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Question 666
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
The balance of 450 in the above accounts represents
Atrading account item
Bprofit and loss account item
Ccurrent asset
Dcurrent liability
Eprovision for discount on creditors
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Question 667
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
"Y" represents
Asales
Bpurchases
Creturns outwards
Dreturn inwards
Ediscount allowed
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Question 668
waec1997
Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
How much "X" ?
AN3,480
BN2,520
CN1,800
DN1,320
EN1,200
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Question 669
waec1997
Which of the following is not a revenue receipt?
AReceipt from sales of goods
BRent from premises sublet
CInterest on savings account
Dcash on sale of fixed asset
EReceipt from trade debtors
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Question 670
waec1997
Which of the following serves the same purpose as a Trading Account?
ABranch Adjustment Account
BGoods sent to Branch Accout
CBranch Stock Account
DBranch Debtors Account
EBranch Returns Account
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Question 671
waec1997
When a share is sold for less than its nominal value, the difference is called
Adiscount
Breserve
Cpremium
Dloss
Egoodwill
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Question 672
waec1997
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The amount of goodwill was
AN4,000
BN3,000
CN2,000
DN1,6000
EN1,000
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Question 673
waec1997
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The purchase consideration was
AN24,000
BN23,000
CN20,000
DN15,000
EN8,000
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Question 674
waec1997
Which of the following is a factory overhead?
Acarriage on raw materials
Bpurchase of raw materials
Cproduction wages
Ddirect expenses
Edepreciation of factory equipment
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Question 675
waec1997
Rent receivable is a
Acurrent asset
Bcurrent liability
Ccontingent liability
Dficititous asset
Eprovision
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Question 676
waec1997
Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing
ATotal Debtors and Creditors Accounts
BBank Reconciliation Statement
CStatement of Affairs
DTrading, Profit and Loss Accounts
EBalance Sheet
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Question 677
waec1997
Which of the following best described the path of a transaction?
ASource documents to Journal to Ledger
BSource documents to Ledger to Journal
CJournal to Ledger to source documents
DJournal to source documents to Ledger
ELedger to Joural to source documents
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Question 678
waec1997
The amount of a company's profit given to a shareholder is known as
Apremium
Bdividend
Cinsterst
Dallotment
Ewarrant
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Question 679
waec1997
The person who is responsible for the formation of a company is called the
Apromoter
Bdividend
Cshareholder
Ddirector
Esubscriber
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Question 680
waec1997
The amount for which a business is sold is known as
