1989 - WAEC Accounting Past Questions and Answers - page 4
31
The term bad debt means
A
a debt written on bad receipts
B
debt owed by a bad person
C
debt that can not be collected
D
overcharge on a debtors account
correct option: c
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a subsidiary record is a book
A
found in the ledger
B
of subsidiary entries
C
of original entry
D
containing the final accounts
correct option: c
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Which of the following does not belong to the group?
A
a proprietor of a business
B
an entrepreneur
C
an investor
D
a debtor
correct option: e
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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 amount of N7,630 represents
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \ 31 & sales & 7,630 & & bank & 6,555 \ & \text{dishonoured cheques} & 250 & & discount& 345 \ & \text{stopped cheques} & 100 & & returns & 130 \ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \ & & & & \text{balance c/d} & 1,896 \ & & 9,372 & & & 9,372 \ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The amount of N7,630 represents
A
total credit sales
B
total of all the debtors of the firm
C
the total sales for the month
D
cash sales only
correct option: a
Users' Answers & Comments35
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
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \ 31 & sales & 7,630 & & bank & 6,555 \ & \text{dishonoured cheques} & 250 & & discount& 345 \ & \text{stopped cheques} & 100 & & returns & 130 \ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \ & & & & \text{balance c/d} & 1,896 \ & & 9,372 & & & 9,372 \ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The sum of N6,555 described as 'Bank' represents
A
cash sales for the month, including discounts
B
cash sales for the month excluding discounts
C
receipts from trade debtors only
D
receipts from all the debtors of the business
correct option: c
Users' Answers & Comments36
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
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \ 31 & sales & 7,630 & & bank & 6,555 \ & \text{dishonoured cheques} & 250 & & discount& 345 \ & \text{stopped cheques} & 100 & & returns & 130 \ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \ & & & & \text{balance c/d} & 1,896 \ & & 9,372 & & & 9,372 \ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
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
A
i
B
ii
C
iii
D
i and ii
correct option: b
Users' Answers & Comments37
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
\(\begin{array}{c|c} 1986 & & N & 1986 & & N\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \ 31 & sales & 7,630 & & bank & 6,555 \ & \text{dishonoured cheques} & 250 & & discount& 345 \ & \text{stopped cheques} & 100 & & returns & 130 \ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \ & & & & \text{balance c/d} & 1,896 \ & & 9,372 & & & 9,372 \ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
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
A
i
B
ii
C
iii
D
i and ii
correct option: c
Users' Answers & Comments38
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 the provision for depreciation account is shown in the
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \ 31 & sales & 7,630 & & bank & 6,555 \ & \text{dishonoured cheques} & 250 & & discount& 345 \ & \text{stopped cheques} & 100 & & returns & 130 \ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \ & & & & \text{balance c/d} & 1,896 \ & & 9,372 & & & 9,372 \ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The balance of the provision for depreciation account is shown in the
A
trial balance as a debit
B
trial balance as a credit
C
balance sheet as a fixed asset
D
balance sheet as a ling term liability
correct option: e
Users' Answers & Comments39
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of Net Assets of the business?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of Net Assets of the business?
A
N200,000
B
N180,000
C
N160,000
D
N150,000
correct option: b
Users' Answers & Comments40
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the capital attributable to the equity shareholders?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the capital attributable to the equity shareholders?
A
N130,000
B
N140,000
C
N170,000
D
N180,000
correct option: d
Users' Answers & Comments