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Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Gross profit percentage is
A100%
B67%
C50%
D33%
E22%
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Question 712
waec1995
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Net profit percentage is
A100%
B67%
C50%
D33%
E22%
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Question 713
waec1995
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Working capital is
AN60,000
BN45,000
CN40,000
DN35,000
EN20,000
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Question 714
waec1995
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Current ratio is
A16 : 1
B15 : 1
C8 : 1
D2 : 1
E0.5 : 1
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Question 715
waec1995
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Net profit is
AN45,000
BN30,000
CN25,000
DN20,000
EN15,000
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Question 716
waec1995
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
The cost of goods sold is
AN45,000
BN30,000
CN25,000
DN20,000
EN15,000
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Question 717
waec1995
Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Balance as per bank statement} & 240 \\ \text{Amount paid in but not credited} & 192 \\ \text{Unpresented cheque} & 70 \end{array}\)
What is the balance as per Cash book?
AN362
BN310
CN262
DN240
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Question 718
waec1995
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the Internal Audit Department is
AN1,368,000
BN1,224,000
CN1,024,000
DN1,020,000
EN964,000
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Question 719
waec1995
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the assistant directors is
AN404,000
BN242,000
CN204,000
DN144,000
EN132,000
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Question 720
waec1995
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total transport allowance for the period is
AN404,000
BN242,000
CN204,000
DN144,000
EN132,000
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Question 721
waec1995
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total housing allowace for the period is
AN404,000
BN242,000
CN204,000
D144,000
EN132,000
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Question 722
waec1995
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 &\text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total basic salary for the period is
AN1,368
BN1,224,000
CN1, 924,000
DN1,020,000
EN964,000
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Question 723
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo's current account on 32st December, 1992 is
AN66,500
BN53,500
CN51,500
DN43,500
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Question 724
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Halima's current account on 31st December, 1992 is
AN66,500
BN53,300
CN51,500
DN43,500
EN33,500
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Question 725
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is
AN17,000
BN15,000
CN10,750
DN10,000
EN9,500
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Question 726
waec1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The interest on Halima's capital is
AN10,000
BN6,000
CN4,0000
DN2,000
EN1,000
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Question 727
waec1995
What are accounting entries for bad debts recovered?
Adebit debtor's account, credit bad debts recovered account
Bcredit debtor's account, debit bad debts recovered account
Cdebit debtor's credit sales account
Dcredit debtor's account, debit sales account
Ecredit cash account, debit sales account
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Question 728
waec1995
Which of the following is capital expenditure?
Apurchase of stock
Ba purchase of motor vehicles for sale
Csubscriptionspaid
Dextension of building
Erepairs of generator
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Question 729
waec1995
Which of the following does not lead to depreciation assets?
