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Where there is a loss on disposal of a fixed asset, it means
Adepreciation has been underestimated
Bdepreciation has been overestimated
Cscrap value has not been estimated
Ddepreciation method used is inappropriate
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Question 2
waec2005
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
Adebit drawings account, credit purchases account
Bdebit purchases account, credit sales account
Cdebit sales avvount, credit drawings account
Ddebit drawings account, credit sales account
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Question 3
waec2005
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as
Acurrent liabilities
Bcurrent assets
Clong-term liabilities
Dcapital
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Question 4
waec2005
The part of the C.P.U used for the processing of data is
AMonoru unit
Barithmetic and logic unit
Coutput unit
Dinput unit
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Question 5
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
AN21,000
BN90,000
CN60,000
DN30,000
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Question 6
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post}& Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total housing allowance was
AN1,608,000
BN840,000
CN768,000
DN168,000
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Question 7
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total transport allowance was
AN384,000
BN379,200
CN211,200
DN168,000
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Question 8
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Chief Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total basic salary for the year was
AN3,173,032
BN3,048,000
CN1,084,730
DN8555,600
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Question 9
waec2005
Which of the following is apportioned in proportion of the purchases of each department?
ADiscounts received
Bselling commission
Cbad debts
Dcarriage outwards
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Question 10
waec2005
Where goods are invoiced by a firm its branch at cost-plus, the branch stock adjustment accounts is used to determine
Acost price
Bbranch profit
Cselling price
Dbranch expenses
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Question 11
waec2005
When shares are sold at less than the nominal value, it means they are issued at
Aa premium
Ba loss
Ca discount
Dpar
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Question 12
waec2005
Which of the following is a capital reserve?
Aprofit and loss account balance
Bshare premium
Cgross profit
Dshare discount
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Question 13
waec2005
Which of the following ratios measure the ability of a firm to meet short-term obligations?
Anet profit margin
Bquick asset ratio
Cturnover
Dcreditors ratio
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Question 14
waec2005
The correct order of liquidity is
Astock, debtors, prepayments and cash
Bcash, payments, debtors and stock
Cstock, cash, debtors and preyaments
Ddebtors, stock, cash and prepayments
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Question 15
waec2005
When both debit and credit entries of a transaction are shown in the cash book, it is described as
Acontra entry
Breversal entry
Cdouble entry
Dsingle entry
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Question 16
waec2005
Books of account are opening by means of a
Apurchases journal
Bprincipal journal
Csales journal
Dreturns inward journal
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Question 17
waec2005
Direct material + direct expenses is
Aoverhead
Bprime cost
Ctotal cost
Dconversion cost
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Question 18
waec2005
Which of the following statements is no correct?
Aprofits increase capital
Blosses reduce capital
Cdrawings reduce capital
Ddrawings increase capital
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Question 19
waec2005
"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of
Asubstance over form
Bprudence
Cobjectively
Dmateriality
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Question 20
waec2005
Which of the following is not an accounting concept?
