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Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is
A₦4,000
B2,740
C₦2,000
D₦750
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Question 722
waec2011
Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula's interest on drawings is
A₦2,000
B₦750
C₦700
D₦500
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Question 723
waec2011
Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro's share of the profit is
A₦17,070
B₦16,070
C₦11,380
D₦10,000
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Question 724
waec2011
The document used in government accounting to shoe evidence of cash receipt and payments is the
Abudget
Bwarrant
Cvote
Dvoucher
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Question 725
waec2011
Which of the following errors will affect the totals of a trial balance?
Acompensating error
Bcomplete reversal of entry
Cerror in addition
Derror of original entry
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Question 726
waec2011
In departmental accounts, rent is appointed on the basis of
Apurchases
Bfloor area occupied
Cnumber of personnel in each department
Dvolume of sales
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Question 727
waec2011
Which of the following is not a subsidiary book?
Asales day book
Bpurchases day book
Cgeneral journal
Dtrial balance
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Question 728
waec2011
When a transaction is completely left out from the books, it is an error of
Acommission
Bomission
Cprinciple
Dcompensation
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Question 729
waec2011
Which of the following is not recorded in a partnership appropriation account?
Ainterest on capital
Bpartners drawings
Cshare of profit
Dinterest on drawings
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Question 730
waec2011
The reduction in value of goodwill is
Aamortization
Bappreciation
Cdepletion
Ddepreciation
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Question 731
waec2011
Another name for owner's equity is
Aloan
Bdebtots
Ccapital
Doverdraft
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Question 732
waec2011
Expenses accured at the end of the accounting year is treated in the balance sheets as
Acurrent assets
Bcurrent liability
Cficed assets
Dlong-term liability
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Question 733
waec2011
Which of the following is a capital expenditure?
Aextension of building
Brepairs of generator
Cpurchase of stock
Dpurchase of stationery
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Question 734
waec2011
The two fundamental books of accounting are
Areturn inwards and outwards
Bjournal and ledger
Cdiscounts allowed and received
Dcredit note and debit note
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Question 735
jamb2011
Calculate the cost of goods sold.
AN61 000
BN58 000
CN62000
DN57 000
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Question 736
jamb2011
Find the average stock for the period
AN27 000
BN23 000
CN28 000
DN20 500
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Question 737
jamb2011
Which of the following signs general warrant for the release of money from the consolidated revenue fund?
AMinister of Finance
BChairman, Economic Advisory Committee
CPermanent secretary
DMinister of Economic Planning
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Question 738
jamb2011
The chief accounting officer of a local government is the?
AChairman
BTreasurer
CDirector of personnel
DAuditor
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Question 739
jamb2011
Which of the following is a signatory to federal government account?
AAuditor-General
BGovernor of Central Bank
CAccountant-General
DPersident
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Question 740
jamb2011
If Aboki Holdings Limited issued 120, 000 ordinary share of N2.00 each at market value of 5.50k each, the share premium would?
