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In single entry and incomplete records, the net assets method used to ascertain profit is
Anet asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
Bnet asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
Cnet asset at the end of a period - net asset at the begining of a period - drawings
Dnet asset at the end of a period + additional capital - drawings
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Question 912
waec2007
The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s
A66\(\frac{2}{3}\)%
B50%
C33\(\frac{1}{2}\)%
D25%
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Question 913
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
A₦14,078
B₦10,290
C₦8,520
D₦3,554
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Question 914
waec2007
Items on the left-hand side of a total debtors account are debits in the
Apurchase ledger
Bsales ledger
Cgeneral ledger
Djournal
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Question 915
waec2007
Which of the following is not a cause of depreciation?
Ainflation
Berosion and decay
Cwear and tear
Dobsolescence
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Question 916
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
Afixed asset
Bcurrent asset
Ccurrent liability
Dcapital
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Question 917
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
Acurrent asset
Bcurrent liability
Clong-term liability
Dfixed asset
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Question 918
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is
Acredit profit and loss account with D4,500
Bcredit profit and loss account with D2,500
Cdebit profit and loss account with D2,500
Ddebit profit and loss account with D,500
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Question 919
waec2007
Use following information to answer the given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is
A₦8,000Cr
B₦6,000Cr
C₦6,00Dr
D₦8,000Dr
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Question 920
waec2007
Use following information to answer the given
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The adjusted balance as per cash book is
A₦10,800 Cr
B₦5,800Cr
C₦5,800Dr
D₦10,800Dr
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Question 921
waec2007
The profit of sole trader increases his
Astock
Basset
Cliability
Dcapial
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Question 922
waec2007
The total of the discounts is transferred to
Acredit side of Discounts Received Account
Bdebit side of Discounts received account
Ccredit side of Discounts allowed account
Ddebit side of discounts allowed account
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Question 923
waec2007
The total of the discount from creditors is transferred to
Acredit side of discounts received account
Bdebit side of discounts received account
Ccredit side of discounts allowed account
Ddebit side of discounts allowed account
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Question 924
waec2007
The sum of money given to a petty cashier out of which small payments are made is a/an
Abonus
Bloan
Cadvance
Dfloat
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Question 925
waec2007
A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is
Adebit Rent aount, credit bank account
Bdebit rent account, credit taiwo's account
Cdebit bank account, credit rent account
Ddebit Taiwo's account, credit rent account
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Question 926
waec2007
The total of the sales journal is posted to the
Acredit side of sales ledger
Bcredit side f sales account
Cdebit side of sales account
Ddebit side of sales account
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Question 927
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Gross profit for the year was
A₦4,650
B₦4,200
C₦3,750
D₦2,400
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Question 928
waec2007
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Cost of sales for the year was
A₦10,965
B₦8,565
C₦7,215
D₦6,765
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Question 929
waec2007
A debit entry in the cash account and a corresponding credit in Alieu's account indicate a
Areceipt of cash from alieu
Bpayment of cash to Alieu
Csale of goods to Alieu for cash
Dpurchases of goods from alieu for cash
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Question 930
waec2007
Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be
