1992 - WAEC Accounting Past Questions and Answers - page 3

The Chief accounting officer of the Federation Republic of Nigeria is the

Materials are taken out of government unallocated store by means of

As evidence of payment to a government ministry, the revenue collector issue

The fixed amount of money set aside for pretty expenses is called

When provision is made for doubtful debt, the accounting entries are debit

Chukwu's Capital at 1/1/89 and 31/12/89 were N30,000 and N50,000 respectively. During the year he introduced additional capital of N10,500 and withdrew N5,300 for private use. What is his profit for 1989?

The excess of the par value of a company's shares over the amount for what for which they are issued to the public is called

Which of the following is not a balance sheet item?

Which of the following is not on debtor's legal control account?

Use the following information to answer the given question
(\begin{array}{c|c} & Ade & Okon \ & N & N \ \hline \text{Fixed Capital} & 15,000 & 25,000 \ \text{Salary per annum} & 6,000 & 8,000 \ \text{Interest on capital per annum} & \text{8%} & \text{8%} \ \text{Profit or loss sharing ratio} & \text{40%} & \text{60%}\end{array})
The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is the interest on capital?