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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 Ade's share of the profit?
AN11,200
BN7,120
CN6,480
DN5,600
EN4,320
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Question 792
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 the profit available for distribution?
AN17,800
BN14,000
CN10,800
DN7,000
EN3,800
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Question 793
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 the interest on capital?
AN6,400
BN4,000
CN3,200
DN2,000
EN1,2000
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Question 794
waec1992
Which of the following is not on debtor's legal control account?
Acredit sales
Bcash sales
Cbills receivable
Ddishonoured cheque
Ecash received from customers
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Question 795
waec1992
Which of the following is not a balance sheet item?
Aprovision for discount
Boutstanding wages
Cprepais rent
Dproposed dividend
Edividend received
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Question 796
waec1992
The excess of the par value of a company's shares over the amount for what for which they are issued to the public is called
Adiscount
Bprofit
Closs
Dpremium
Ereserve
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Question 797
waec1992
Chukwu's Capital at 1/1/89 and 31/12/89 were N30,000 and N50,000 respectively. During the year he introduced additional capital of N10,500 and withdrew N5,300 for private use. What is his profit for 1989?
AN30,500
BN25,300
CN20,000
DN15,800
E14,800
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Question 798
waec1992
When provision is made for doubtful debt, the accounting entries are debit
Aprofit and loss account, credit debtors account
Bdebtors account, credit trading account
Cprofit and loss account, credit sales account
Dtrading account, credit debtors account
Eprofit and loss account, credit provision for doubtful debt account
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Question 799
waec1992
The fixed amount of money set aside for pretty expenses is called
Aordinary fund
Baccumulated fund
Cfloat
Dimprest receipt
Eimprest fund
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Question 800
waec1992
As evidence of payment to a government ministry, the revenue collector issue
Atreasury card
Breceipt voucher card
Ctreasury recipet
Dpayment voucher
Estore receipt voucher
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Question 801
waec1992
Materials are taken out of government unallocated store by means of
Averbal instruction by the Governor
Bstores issue voucher
Cstores credit voucher
Dstore ledger card
Edepartmental authorisation order
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Question 802
waec1992
The Chief accounting officer of the Federation Republic of Nigeria is the
Achief accountant
Bminister of finace
Cminister of economic planning
Daccountant general of the federation
Eauditor general of the federation
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Question 803
waec1992
The assets of business can be classified broadly int
Afixed and floating assets
Bfixed and current assets
Cintangible and fixed assets
Dcurrent and circulating assets
Einvestment and tangibl assets
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Question 804
waec1992
One of the advantages of control account is that
Aall errors are localised tus reducing delays in balancing accounts
Ball erroes are generalized thus reducing delays in balancing accounts
Cbook keepers cannot make mistakes
Dall errors are posted into the account
Eall cash transactions are posted into the accounts
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Question 805
waec1992
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
Ai and ii
Bii and iv
Ci and iv
Dii and iii
Ei and iii
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Question 806
waec1992
In a professional partnership, membership must be between
A2 and 8
B2 and 10
C2 and 50
D2 and any number
E2 and 20
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Question 807
waec1992
Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings
Ai and iii
Biii and iv
Cii and iv
Di, ii and iii
Ei, ii, iii and iv
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Question 808
waec1992
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
Aledger
Bprincipal journal
Ccash book
Dpurchases day book
Esales day book
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Question 809
waec1992
Which of the following will not affect the agreement of the cash book balance and bank statement balance?
Abank charges
Bstanding order
Cdishonoured cheque
Dcash payment
Eunpresented cheques
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Question 810
waec1992
In a non-profit oriented organization, the excess of income over expenditure is
