1994 - WAEC Accounting Past Questions and Answers - page 3
21
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are
A
credit cash account, debit bank account with N1,200
B
debit cash account, creidit bank account with N1,200
C
credit cash account, debit suspense account with N2,400
D
debit cash account, debit suspense account with N2,400
correct option: e
Users' Answers & Comments22
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?
A
N1,110
B
N1,430
C
N1,520
D
N1,750
correct option: a
Users' Answers & Comments23
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?
A
N2,920
B
N3,240
C
N3,330
D
N5,340
correct option: a
Users' Answers & Comments24
Which of the following errors will not allow a trial balance to agree?
A
where a transaction is completely omitted from the books
B
where the correct amount is entered but in the wrong account
C
where the figure entered on one side is different from the one entered on the other side
D
where an item is entered in the wrong class of account
correct option: c
Users' Answers & Comments25
Profit expressed as a proportion of cost price is known as
A
grss profit
B
profit make-up
C
profitt margin
D
profit percentage
correct option: b
Users' Answers & Comments26
Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?
A
N100
B
N125
C
N500
D
N600
correct option: e
Users' Answers & Comments27
Which of the following does not appear on the debit side of a company's profit and loss appropriation account?
A
compny tax
B
unappropriated surplus
C
proposed dividend
D
transfer to rserve
correct option: a
Users' Answers & Comments28
Which of the following is not a profit and loss appropriation account item?
A
staff salaries
B
interest on capital
C
interest on money advanced by partners
D
share of profit
correct option: a
Users' Answers & Comments29
Drawing appear on the
A
debit side of the profit and loss account
B
credit side of te profit and loss account
C
debit side of the appropriation account
D
debit side of the current account
correct option: d
Users' Answers & Comments30
Sale of goods for N500 to Eddy was not posted. This is an error of
A
omission
B
compensation
C
commission
D
principle
correct option: a
Users' Answers & Comments