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.
An example of appropriation of profit in a company is
Asalaries
Brent income
Cdebenture interest
Ddirector's remuneration
Edividend
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Question 683
waec1997
A Receipt and Payments Account reveals
Anet profit
Bsurplus
Ccash in hand
Dgross profit
Enet loss
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Question 684
waec1997
Which of the following is not a capital expenditure to a local government?
Abeds
Btheatre equipment
Cincubators
Dx-ray machine
Edrugs
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Question 685
waec1997
A sales day book is used to record
Acash sales of stock
Bcredit sales of stock
Ccash and credit sales of stock
Dcash sales of fixed assets
Ecredit sales of fixed assets
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Question 686
waec1997
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
Acurrent asset
Bfixed asset
Ccurrent liability
Daccumulated fund
Egoodwill
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Question 687
waec1997
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
Aundercasting of purchase
Bovercasting of purchases
Coriginal entry
Dtransportation of returns outwards
Eomission of creditor's balance
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Question 688
waec1997
A suspense account is used to
Aagree the trial balance
Brecoord sales
Crecord purchases
Dcorrect errors
Eprepare the balance sheet
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Question 689
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Working capital amounts to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 690
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Current assets amount to
AN51,000
BN50,000
CN23,000
DN22,000
EN11,000
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Question 691
waec1996
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Capital employed is
AN130,000
BN115,000
CN99,000
DN90,000
EN84,000
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Question 692
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. The total amount of bad debts to be charges as expense in the profit and Loss Account is
AN2,500
BN2,000
CN1,500
DN1,200
EN1,000
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Question 693
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. In the balance sheet, the net figures for the profit is
AN47,025
BN46,550
CN45,600
DN45,500
EN43,225
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Question 694
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Gross profit is
AN8,300
BN8,200
CN7,700
DN7,600
EN7,100
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Question 695
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Net sales is
AN14,100
BN14,000
CN13,500
DN12,900
EN9,300
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Question 696
waec1996
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Cost of sales is
AN10,000
BN9,500
CN5,800
DN5,300
EN5,200
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Question 697
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
The working capital is
AN10,000
BN9,700
CN7,300
DN7,000
EN2,700
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Question 698
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
Total liabilities amount to
AN17,000
BN14,700
CN12,300
DN7,000
EN4,700
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Question 699
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total net assets?
AN17,300
BN17,000
CN15,000
DN14,700
EN12,000
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Question 700
waec1996
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?
