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.
Directors' remuneration are recorded in the book as
Arevenue expenditure
Bappropriaion
Cdeferred expenditure
Dprovision
Ecapital expenditure
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Question 802
waec1992
Subscription in advance is treated in the balance sheet of a club as
Acurrent liability
Bcurrent asset
Cfixed asset
Dfictitious asset
Eintangible asset
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Question 803
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. The amount carried in the Balance Sheet is classified as
Acurrent asset
Bcurrent liabilities
Cinvestment
Dfictitious asset
Ereserve
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Question 804
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?
AN1,350
BN1,080
CN338
DN270
EN90
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Question 805
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?
AN1,350
BN1,080
CN338
DN270
EN90
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Question 806
waec1992
Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at
Aa discount
Ba profit
Ca loss
Dpar
Ea premium
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Question 807
waec1992
Which of the following is not a book of prime entry?
Acash book
Bpuchases day book
Csles day book
Djournal paper
Epurchases ledger
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Question 808
waec1992
The purchases of a typewriter for the office was debited to purchases account. This is an error of
Acommission
Bomission
Coriginal entry
Dprinciple
Ecompensation
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Question 809
waec1992
The accounting equation is
Aassets and liabilities amount to capital
Bcapital less assets amounts to liabilities
Casseta less liabilities amount to capital
Dcapital and assets amounts to liability
Efixed assets and current liabilities amount to capital
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Question 810
waec1992
In a manufacturing company, wages paid to operatives increase the value of
Aurnover
Bprime cost
Cgross profit
Doverhead cost
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Question 811
waec1992
In which of the following books will trade discount be recorded?
Acash book
Bgeneral ledger
Cpurchases day book
Dinvoices
Ejournal voucher
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Question 812
waec1992
Which of the following will a supplier send to a customer whose invoice was undercast?
Ainvoice
Bdebit note
Ccresit note
Dcheque
Epayment voucher
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Question 813
waec1991
Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \\ \text{Bills payable} & 4,500 & Purchases & 10,500 \\ Bank & 6,100 & \text{Cheques dishonoured} & 300 \\ \text{Discount allowed} & 200 & & \\ \text{Balance c/f} & N15,800 & & N15,800 \end{array}\)
Payments effected amount to
AN10,800
BN10,600
CN10,500
DN6,100
EN5m800
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Question 814
waec1991
Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \\ \text{Bills payable} & 4,500 & Purchases & 10,500 \\ Bank & 6,100 & \text{Cheques dishonoured} & 300 \\ \text{Discount allowed} & 200 & & \\ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array}\)
Net credit purchases for the year amounted to
AN15,800
BN15,500
CN12,000
DN10,500
EN9,000
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Question 815
waec1991
Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \\ \text{Bills payable} & 4,500 & Purchases & 10,500 \\ Bank & 6,100 & \text{Cheques dishonoured} & 300 \\ \text{Discount allowed} & 200 & & \\ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array}\)
Creditors at the end of the year amounted to
AN10,500
BN9,000
CN5,000
DN4,500
EN3,500
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Question 816
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Manufacturing cost of finished goods} & 75,000 \\ \text{Mark-up is 25%} & 5,000 \end{array}\)
The net profit for the year is
AN93,750
BN56,250
CN18,750
DN17,500
EN13,750
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Question 817
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Manufacturing cost of finished goods} & 75,000 \\ \text{Mark-up is 25%} & 5,000 \end{array}\)
The sales value for the year is
AN93,750
BN56,250
CN18,750
DN17,500
EN13,750
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Question 818
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Manufacturing cost of finished goods} & 75,000 \\ \text{Mark-up is 25%} & 5,000 \end{array}\)
The gross profit for the year is
AN93,750
BN56,250
CN18,750
DN17,500
EN13,750
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Question 819
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
Current ratio
A4.9 : 1
B4.1 : 1
C3.0 : 1
D3.7: 1
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Question 820
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The value of working capital is
