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.
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
ALe 185,100
BLe 139,200
CLe 136,200
DLe 131,200
View Explanation & Discuss
Question 862
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
ALe 42,200
BLe 37,200
CLe 32,200
DLe 19,200
View Explanation & Discuss
Question 863
waec2008
Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
ALe 47,200
BLe 42,200
CLe 37,200
DLe 19,800
View Explanation & Discuss
Question 864
waec2008
A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit
Aregina's account ₦27 : credit cash account ₦27
Bcash account ₦27 : credit Regina's account ₦27
CRegina's account ₦143 : credit cash account ₦143
Dcash account ₦143 : credit Regina's account ₦143
View Explanation & Discuss
Question 865
waec2008
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?
Aauthorized capital
Bregistered capital
Cissued capital
Dnorminal capital
View Explanation & Discuss
Question 866
waec2008
The purchase of furniture, an asset to the company was debited to purchases account. This is an error of
Aomission
Boriginal entry
Cprinciple
Dcommission
View Explanation & Discuss
Question 867
waec2008
Which of the following is not an item in the appropriation account of a company?
Ageneral reserve
Bcompany tax
Cdebenture interest
Dgoodwill written off
View Explanation & Discuss
Question 868
waec2008
The difference between factory cost of goods produced and its market value is
Ainterest
Bpremium
Cmanufacturing profit
Dmanufacturing overhead
View Explanation & Discuss
Question 869
waec2008
Which of the following is not a debit item in partners appropriation account?
Ainterest on capital
Bsalary
Cshare of profit
Dshare of loss
View Explanation & Discuss
Question 870
waec2008
Use the following information
\(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Closing capital is
A₦81,000
B₦78,000
C₦74,000
D₦64,000
View Explanation & Discuss
Question 871
waec2008
Use the following information
\(\begin{array}{c|c} & ₦ \\\hline \text{Opening capital} & 60,000 \\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \text{General expenses} & 7,000 \\ \text{Mark-up} & \text{50%} \end{array}\)
Net profit is
A₦ 43,000
B₦25,000
C₦23,000
D₦18,000
View Explanation & Discuss
Question 872
waec2008
Which of the following is not a debit item in a partnership appropriation account?
Acapital
Bdrawings
Ccreditors
Dbank balance
View Explanation & Discuss
Question 873
waec2008
Which of the following is a debit entry in debtors control account?
Acredit sales
Bbad debts
Creturns inwards
Ddiscounts allowed
View Explanation & Discuss
Question 874
waec2008
Final accounts of a not-for-profit making organization is made up of
Asubscription accounts and income and expenditure accounts
Bsubscriptions accounts and balance sheet
Cincome and expenditure account and balance sheet
Dreceipts snd payments account and income and expensiture account
View Explanation & Discuss
Question 875
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is
A₦9,000
B₦6,000
C₦3,000
D₦2,400
View Explanation & Discuss
Question 876
waec2008
Which of the following is not a characteristic of a computer?
Alarge storage capacity
Bver fast
Chighly accurate
Dhighly diligent
View Explanation & Discuss
Question 877
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
A₦176,000
B₦166,000
C₦160,000
D₦16,000
View Explanation & Discuss
Question 878
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was
A₦16,000
B₦10,000
C₦5,400
D₦1,400
View Explanation & Discuss
Question 879
waec2008
Returns inwards is also called
Apurchases returns
Bsales returns
Cgoods on sales or return
Dgoods in transit
View Explanation & Discuss
Question 880
waec2008
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
