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The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
AN42,500
BN40,500
CN40,000
DN38,000
EN32,000
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Question 822
waec1991
In a manufacturing organization, which of the following expenses does not elate to cost of production?
Amaterials consumed
Bdirect labour
Cdirect overhead
Dadministration overhead
Ework-in-progress
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Question 823
waec1991
Carriage outwards is accounting term for amount spent on
Agoods purchased
Bgoods sold
Cexcess stock
Dgoods for production
Egoods returned to stock
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Question 824
waec1991
Capital is the
Aliability of tthe business to its proprietor
Bmoney owed by the company to others
Cmoney owed to the company by others
Dtotal of the long-term liabilities
Etotal of the short-term liaqbilities
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Question 825
waec1991
If the Opening stock is undervalued
Agoods available would be understated and gross profit overstated
Bgoods available and gross profit would be understates
Cgoods available would be overstated and gross profit understated
Dgross profit and goods available would be overstated
Ecost of goods sold would be overstated
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Question 826
waec1991
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
Ai
Bii
Ciii
Di and ii
Eii and iii
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Question 827
waec1991
The authority of the accountant-General to disburse from government fund is called
Avoucher
Bwarrant
Cestimate
Dprovision
Evote
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Question 828
waec1991
The document evidencing a disbursement of government fund is known as
Abill
Binvoice
Ctill book
Dpayment voucher
Elocal purchase order
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Question 829
waec1991
The authorized share capital of a limited liability company is the number of shares
Aoffered for sale
Bcalled up
Capproved in the memorandum of association
Dsubscribed
Epaid up
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Question 830
waec1991
Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to
AN2,300
BN2,200
CN2,000
DN1,800
EN1,700
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Question 831
waec1991
Which of the following is in the personal Ledger?
Adiscount allowed account
Binterest received account
Ccash sales account
Ddebtors account
Eassets account
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Question 832
waec1991
Discount allowed is a charge to
Atrading account
Bbalance sheet
Cprofit and loss account
Dprofit and lss appropriation account
Ecurrent account
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Question 833
waec1991
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
Adebit Latifat's account, credit cash book with N100
Bcredit Latifat's account, debit cash book with N100
Ccredit Latifa's account, debit cash book with N200
Ddebit Latifat's account, credit cash book with N200
Ecredit Latifat's account, debit Suspense account with N200
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Question 834
waec1991
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
Ai
Bii
Ciii
Di and ii
Ei and iii
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Question 835
waec1991
Depreciation is
Aa charge for the wear and tear of a fixed asset
Bthe cost of replacing a fixed asset
Cthe loss incurred on the sale of a fixed asset
Dthe cost of repairs incurred on a fixed asset
Ethe increase in value of a fixed asset
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Question 836
waec1991
The price paid for the purchase of for the purchase of a business is
Adebited to the cash account and credited to the vendor's account
Bcredited to the cash account and debited to the vendor's account
Ccredited to the business purchases account and debited to the assets account
Ddebited to the business purchase account and credited to the assets account
Ecredited to the cash account and debited to the assets account
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Question 837
waec1991
Which of the following is related to debtors account?
Apurchases ledger
Bgeneral ledger
Cnorminal lesger
Dsales ledger
Eprivate ledger
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Question 838
waec1991
Reccurrent expenditure of government is paid from
Areserved fund
Bconsolidated revenue fund
Cdevelopment fund
Dcontigencies fund
Epersonal fund
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Question 839
waec1991
In government imprest system the amount reimbursed is the
Aactual amount spent
Bamount of the float
Camount spent above the float
Dbalance of the float
Esum of unreceipted vouchers
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Question 840
waec1991
Preliminary expenses of a limited liability company are
