1991 - WAEC Accounting Past Questions and Answers - page 3
21
The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
A
N42,500
B
N40,500
C
N40,000
D
N38,000
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22
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
A
i
B
ii
C
iii
D
i, ii and iii
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23
The trading Account is usually headed
A
for the year ended............19 x 1
B
for............19 x 1
C
as.............19 x 1
D
as at.........19 x 1
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24
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
A
cosolidated fund
B
recurrent fund
C
accumulated fund
D
working capital
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25
Which of the following statements is not true of a non-profit making organization?
A
income and expenditure account is prepared
B
income and expenditure account excludes accruals and prepayments
C
Income and expenditure account excludes capital receipts and capital payments
D
receipts and Payments account is a substitute for expenditure account
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26
A business which converts raw materials to finished goods prepares
A
trading account and balance sheet
B
profit and loss account and balane sheet
C
balance sheet only
D
trading profit and loss account and balance sheet
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27
Payment of salaries to partners is
A
a charge to profit and loss account
B
a charge to trading account
C
an appropriation of divisible profit
D
an appropriation of interest on capital
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28
Accounting term used to describe the excess of current assets over current liabilities is
A
shared capital
B
working capital
C
sucscribed capital
D
reserve capital
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29
A delivery van was bought on credit. The transaction would be entered by the customer first in the
A
purchases day book
B
sales day book
C
returns inwards book
D
returns outwards book
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30
Which of the following is not a liability?
A
accrued wages
B
creditor
C
prepayment
D
insurance due but unpaid
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