1995 - WAEC Accounting Past Questions and Answers - page 4
31
What are accounting entries for bad debts recovered?
A
debit debtor's account, credit bad debts recovered account
B
credit debtor's account, debit bad debts recovered account
C
debit debtor's credit sales account
D
credit debtor's account, debit sales account
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32
\(\begin{array}{c|c} & Halima & Ibinabo \ & N & N \ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \ \text{Drawing during the year} & 10,000 & 15,000 \ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The interest on Halima's capital is
Interest on capital is 10%. The net profit for the year is N60,000. The interest on Halima's capital is
A
N10,000
B
N6,000
C
N4,0000
D
N2,000
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33
\(\begin{array}{c|c} & Halima & Ibinabo \ & N & N \ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \ \text{Drawing during the year} & 10,000 & 15,000 \ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is
Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is
A
N17,000
B
N15,000
C
N10,750
D
N10,000
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34
\(\begin{array}{c|c} & Halima & Ibinabo \ & N & N \ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \ \text{Drawing during the year} & 10,000 & 15,000 \ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Halima's current account on 31st December, 1992 is
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Halima's current account on 31st December, 1992 is
A
N66,500
B
N53,300
C
N51,500
D
N43,500
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35
\(\begin{array}{c|c} & Halima & Ibinabo \ & N & N \ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \ \text{Drawing during the year} & 10,000 & 15,000 \ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo's current account on 32st December, 1992 is
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo's current account on 32st December, 1992 is
A
N66,500
B
N53,500
C
N51,500
D
N43,500
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36
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 &\text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total basic salary for the period is
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 &\text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total basic salary for the period is
A
N1,368
B
N1,224,000
C
N1, 924,000
D
N1,020,000
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37
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total housing allowace for the period is
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total housing allowace for the period is
A
N404,000
B
N242,000
C
N204,000
D
144,000
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38
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total transport allowance for the period is
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total transport allowance for the period is
A
N404,000
B
N242,000
C
N204,000
D
N144,000
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39
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the assistant directors is
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the assistant directors is
A
N404,000
B
N242,000
C
N204,000
D
N144,000
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40
Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the Internal Audit Department is
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline - & - & - & - \ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the Internal Audit Department is
A
N1,368,000
B
N1,224,000
C
N1,024,000
D
N1,020,000
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