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.
The accounting entries required for increase in provision for doubtful debts are
Adebit profit and loss account, credit provision for doubtful debts account
Bcredit provision for doubtful debts account; debit profit and loss account
Ccredit trading account; credit provision and doubtful debts account
Dcredit trading trading account; debit provision for doubtful debts account
Ecredit debtor's account; debit provision for doubtful debts account
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Question 733
waec1995
If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of
Aordinary entry
Bomission
Ccommission
Dcompensation
Eprinciple
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Question 734
waec1995
Which of the following is not a debit entry on a sales ledger control account?
Agoods sold
Bcash received
Cdishonoured cash
Dpayment to debtors for claim
Einterest charges
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Question 735
waec1995
The reward given to a debenture holder is called
Aprofit
Breserve
Cpremium
Ddividend
Einterest
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Question 736
waec1995
Which of the following is the basis of accounting in the Civil Service?
Aaccrual
Bcash
Cincome
Dexpenditure
Eprofit
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Question 737
waec1995
Which of the following is the effect of a reduction in the provision for doubtful debts?
Areduction in net profit
Breduction in cash balance
Creduction in gloss profit
Dincrease in gross profit
Eincrease in net profit
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Question 738
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
The working capacity is
AN42,000
BN60,000
CN68,000
Dn70,000
EN100,000
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Question 739
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the equity capital?
AN100,000
BN120,000
CN160,000
DN180,000
EN220,000
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Question 740
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the net total of assets
AN178,000
BN180,000
CN208,000
DN220,000
EN248,000
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Question 741
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the ratio pf debentures to equity?
A1 : 1
B2 : 1
C3 : 1
D5 : 2
E6.8 : 7
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Question 742
waec1994
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
A1 : 1
B1 : 2
C3 : 1
D5 : 2
E6.8 : 7
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Question 743
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The goods profit is
AN7,425
BN7425
CN7,625
DN7,925
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Question 744
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods purchased?
AN22,095
BN22,395
CN22,765
DN23,665
EN23,965
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Question 745
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The cost of goods available for sale is
AN21,375
BN22,095
CN22,395
DN23,595
EN25,165
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Question 746
waec1994
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
AN19,805
BN21,075
CN21,375
DN21,750
EN22,395
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Question 747
waec1994
Deferred charges are also known as
Aaccrued expenses
Baccrued income
Cprepaid expenses
Dincome received in advance
Epreliminary expenses
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Question 748
waec1994
Fixed assets include
Aprepayment
Bstock
Caccrual
Dland
Edebenture
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Question 749
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
AN3,250
BN3,562
CN3,656
DN3,750
EN4,062
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Question 750
waec1994
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
