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Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of intangible assets?
AN60,000
BN50,000
CN42,000
DN32,000
EN10,000
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Question 812
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 capital is
AN92,000
BN89,500
CN85,000
DN82,000
EN60,000
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Question 813
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current assets?
AN37,000
BN35,000
CN27,500
DN22,500
EN22,000
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Question 814
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current liabilities?
AN12,500
BN10,000
CN9,500
DN9,000
EN7,500
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Question 815
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of fixed tangible assets?
AN92,000
BN89,500
CN82,000
DN60,000
EN42,000
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Question 816
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Balance brought forward} & 500Cr \\ \text{Amount paid to suppliers} & 12,000 \\ \text{Returns outwards} & 150 \\ \text{Balance carried forward} & 650 Cr \end{array}\)
What is the value of purchases?
AN12,800
BN12,650
CN12,300
DN12,150
EN12,000
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Question 817
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock in hand} & 4,000 \\ \text{Purchases for resale} & 5,000 \\ Sales & 3,500 \\ Margin & \text{20%}\end{array}\)
The closing stock is
AN6,200
BN5,500
CN5,000
DN4,000
EN3,500
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Question 818
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to
AN12,625
BN12,000
CN11,300
DN11,200
EN10,100
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Question 819
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
AN2,800
BN2,525
CN2,500
DN2000
EN1,750
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Question 820
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is
AN10,100
BN10,000
CN9,200
DN9,100
EN7,000
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Question 821
waec1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to
AN10,000
BN8,000
CN7,000
DN6,900
EN5,000
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Question 822
waec1991
Which of the following is not a liability?
Aaccrued wages
Bcreditor
Cprepayment
Dinsurance due but unpaid
Erent arrears
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Question 823
waec1991
A delivery van was bought on credit. The transaction would be entered by the customer first in the
Apurchases day book
Bsales day book
Creturns inwards book
Dreturns outwards book
Ejournal proper
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Question 824
waec1991
Accounting term used to describe the excess of current assets over current liabilities is
Ashared capital
Bworking capital
Csucscribed capital
Dreserve capital
Eloan capital
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Question 825
waec1991
Payment of salaries to partners is
Aa charge to profit and loss account
Ba charge to trading account
Can appropriation of divisible profit
Dan appropriation of interest on capital
Ean appropriation of interest on current account
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Question 826
waec1991
A business which converts raw materials to finished goods prepares
Atrading account and balance sheet
Bprofit and loss account and balane sheet
Cbalance sheet only
Dtrading profit and loss account and balance sheet
Emanufacturing, trading, profit and loss account and balance sheet
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Question 827
waec1991
Which of the following statements is not true of a non-profit making organization?
Aincome and expenditure account is prepared
Bincome and expenditure account excludes accruals and prepayments
CIncome and expenditure account excludes capital receipts and capital payments
Dreceipts and Payments account is a substitute for expenditure account
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Question 828
waec1991
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
Acosolidated fund
Brecurrent fund
Caccumulated fund
Dworking capital
Egeneral reserve
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Question 829
waec1991
The trading Account is usually headed
Afor the year ended............19 x 1
Bfor............19 x 1
Cas.............19 x 1
Das at.........19 x 1
E...................19 x 1
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Question 830
waec1991
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
