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.
shares are sold at less than nominal value. They are issued at a
Aprofit
Bloss
Cdiscount
Dpremium
Epar
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Question 782
waec1993
An excess of the value of the assets over the purchases consideration for acquisition of business is credited to
Ageneral reserve
Bcapital reserve
Cgoodwill
Dcurrent asset
Eshare capital
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Question 783
waec1993
Payment for future services are
Aprepayment
Bdeposit
Caccruals
Dinvesment
Eadvances
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Question 784
waec1993
Which of the following is a credit item on an income and expenditure account?
Abar expenses
Belectricity
Csalaries
Dsubscription
Erates
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Question 785
waec1993
Which of the following is not contained in the sales ledger control account?
Areceipts from debtors
Breturns inwards
Creturns outwards
Ddishonoured cheque
Ediscunt allowed
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Question 786
waec1993
Return inwards was understated. The effect is that
Aamount of goods available was understated
Bcost of sales was understated
Camount of purchase returns was understated
Damount of sales was understated
Eamount of sales returns was understated
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Question 787
waec1993
Which of the following is true of trade discounts?
Athey are recorded in the ledger only
Bthey are not different from cash discount
Cthey are recorded in journal onlu
Dthey are recorded in ledgers and journals
Eeach discount receives double entries
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Question 788
waec1993
The books of accounts are opened by means of a
Asales journal
Bprinciple journal
Cpurchases journal
Dreturn inwards journal
Ereturn outwards journal
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Question 789
waec1992
Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information
(i)Rent for the year - N3,000
(ii) Selling and distribution expenses - N1,800
(iii) Department
\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)
How much of selling and distribution expenses is apportioned to department A?
AN1,800
BN800
CN720
DN600
EN400
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Question 790
waec1992
Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information
(i)Rent for the year - N3,000
(ii) Selling and distribution expenses - N1,800
(iii) Department
\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)
How much of selling and distribution expenses is apportioned to department B?
AN1,800
BN800
CN600
DN480
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Question 791
waec1992
Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information
(i)Rent for the year - N3,000
(ii) Selling and distribution expenses - N1,800
(iii) Department
\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)
How much rent is apportioned to department C?
AN2,000
BN1,800
CN1,200
DN1,000
EN800
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Question 792
waec1992
Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information
(i)Rent for the year - N3,000
(ii) Selling and distribution expenses - N1,800
(iii) Department
\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)
How much rent is appointed to department A?
AN2,000
BN1,800
CN1,200
DN1,000
EN800
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Question 793
waec1992
Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The cost of production is
AN373,000
BN351,000
CN337,000
DN328,000
EN277,000
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Question 794
waec1992
Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The factory overhead is
AN95,000
BN63,000
CN54,000
DN43,000
EN33,000
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Question 795
waec1992
Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The prime cost is
AN298,000
BN285,000
CN274,000
DN235,000
EN220,000
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Question 796
waec1992
Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue receipt?
AN18,432
BN12,660
CN6,990
DN5,772
EN5,670
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Question 797
waec1992
Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his capital receipt?
AN18,432
BN12,660
CN6,990
DN5,772
EN5,670
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Question 798
waec1992
Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue expenditure?
AN24,468
BN20,200
CN4,268
DN3,600
EN2,810
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Question 799
waec1992
Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110 \end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue expenditure?
AN24,468
BN24,358
CN23,800
DN22,900
EN20,000
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Question 800
waec1992
Use the following information to answer the given question
\(\begin{array}{c|c} & Ade & Okon \\ & N & N \\ \hline \text{Fixed Capital} & 15,000 & 25,000 \\ \text{Salary per annum} & 6,000 & 8,000 \\ \text{Interest on capital per annum} & \text{8%} & \text{8%} \\ \text{Profit or loss sharing ratio} & \text{40%} & \text{60%}\end{array}\)
The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is Okon's share of the profit?
