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Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} 1986 & & N & 1986 & & N\\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The items 'Purchases ledger N360' means i. cash purchases during the period ii. credit purchases during the period iii. trade debtors set off against debts on purchases
Ai
Bii
Ciii
Di and ii
Eii and iii
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Question 862
waec1989
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The balance of N92 represents the i. amount necessary to balance the account ii. sum due to the customers iii. amount due from the customers
Ai
Bii
Ciii
Di and ii
Ei and iii
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Question 863
waec1989
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The sum of N6,555 described as 'Bank' represents
Acash sales for the month, including discounts
Bcash sales for the month excluding discounts
Creceipts from trade debtors only
Dreceipts from all the debtors of the business
Etakings from both cash and credit sales
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Question 864
waec1989
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The amount of N7,630 represents
Atotal credit sales
Btotal of all the debtors of the firm
Cthe total sales for the month
Dcash sales only
Ethe double entry for the total of the sales account
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Question 865
waec1989
Which of the following does not belong to the group?
Aa proprietor of a business
Ban entrepreneur
Can investor
Da debtor
Ea creeditor
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Question 866
waec1989
a subsidiary record is a book
Afound in the ledger
Bof subsidiary entries
Cof original entry
Dcontaining the final accounts
Eof final entry
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Question 867
waec1989
The term bad debt means
Aa debt written on bad receipts
Bdebt owed by a bad person
Cdebt that can not be collected
Dovercharge on a debtors account
Edebt paid with bad currency notes
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Question 868
waec1989
Factory cost consists of
Adirect material and factory overhead
Bdirect labour and direct expenses
Cdirect labour and factory overhead
Ddirect6 materials, direct labour, direct expenses and factory overhead
Edirect expenses and factory overhead
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Question 869
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. The accumulated depreciation at the end of the year 3 using the straight line method is
AN9,300
BN9,000
CN8,700
DN6,900
EN6,000
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Question 870
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. Using the reducing balance method, what us the net book value at the end of the year 2? (ignoring residual value)
AN10,480
BN10,080
CN9,680
DN9,600
EN7,680
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Question 871
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400.Using the reducing balance method what will be the depreciation charge for year 2 at 20%? (ignoring residual value)
AN3,000
BN2,900
CN2,400
DN1,920
EN1,536
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Question 872
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. Using the straight line method, the annual depreciation is
AN3,100
BN3,000
CN2,900
DN2,300
EN2,000
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Question 873
waec1989
Which of the following may cause depreciation? i. wear and tear ii. obsolescence and passage of time iii. fluctuation
Ai, ii and iii
Bi and ii
Ci and iii
Dii and iii
Eiii
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Question 874
waec1989
Which of the following is not true of capital expenditure? i. assets acquired for the purpose of earning income ii. extension of office building iii. it is incurred and its full benefits consumed in one period of account
Ai
Bii
Ci and ii
Dii and iii
Eiii
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Question 875
waec1989
Pending the location of error, the difference disclosed in the trial balance is normally posted to
Aan adjustment account
Ba control account
Ca suspense account
Da profit and loss account
Ea trading account
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Question 876
waec1989
Trade discount is
Aallowance for prompt payment
Ballowance for damaged goods
Callowance off price list
Ddiscount on creditors
Ediscount on debitors
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Question 877
waec1989
When a buyer returns damages goods to the seller, the buyer receives a
Aproforma invoice
Bcredit note
Cdebit note
Dconsiment note
Egoods return note
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Question 878
waec1989
Which of the following in a classified form contains a permanent record of all transactions? The
Asales day book
Bcash book
Cledger
Djournal
Epurchases day book
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Question 879
waec1989
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
Aboth the liability and asset are increased
Bboth the liability and asset are decreased
Cliability is increased while the asset is decreased
Dliability is decreased while the asset is increased
Eboth liability and asset remain unchanged
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Question 880
waec1989
The concept of Double Entry Book-Keeping states that
Aif you receive goods on credit the seller becomes your creditor
Bfor every debit entry there must be a corresponding credit entry
