1995 - WAEC Accounting Past Questions and Answers - page 5
41
Use the following to answer the given question \(\begin{array}{c|c} & N \ \hline \text{Balance as per bank statement} & 240 \ \text{Amount paid in but not credited} & 192 \ \text{Unpresented cheque} & 70 \end{array}\)
What is the balance as per Cash book?
What is the balance as per Cash book?
A
N362
B
N310
C
N262
D
N240
correct option: a
Users' Answers & Comments42
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
The cost of goods sold is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
The cost of goods sold is
A
N45,000
B
N30,000
C
N25,000
D
N20,000
correct option: e
Users' Answers & Comments43
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Net profit is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Net profit is
A
N45,000
B
N30,000
C
N25,000
D
N20,000
correct option: e
Users' Answers & Comments44
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Current ratio is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Current ratio is
A
16 : 1
B
15 : 1
C
8 : 1
D
2 : 1
correct option: c
Users' Answers & Comments45
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Working capital is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Working capital is
A
N60,000
B
N45,000
C
N40,000
D
N35,000
correct option: d
Users' Answers & Comments46
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Net profit percentage is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Net profit percentage is
A
100%
B
67%
C
50%
D
33%
correct option: d
Users' Answers & Comments47
Use the following to answer the given question
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Gross profit percentage is
\(\begin{array}{c|c} & N \ \hline sales & 45,000 \ \text{Opening stock} & 20,000 \ \text{Closing sock} & 30,000 \ Expenses & 15,000 \ \text{Fixed assets} & 40,000 \ Debtors & 10,000 \ Creditors & 5,000 \ Purchases & 25,000 \end{array}\)
Gross profit percentage is
A
100%
B
67%
C
50%
D
33%
correct option: b
Users' Answers & Comments48
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
'X' refers to
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
'X' refers to
A
stock
B
returns
C
discount
D
sales
correct option: d
Users' Answers & Comments49
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
How much is the figure for bank?
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
How much is the figure for bank?
A
N20,000
B
N17,000
C
N16,800
D
N12,000
correct option: c
Users' Answers & Comments50
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \ \hline \text{ Balance b/d} & 8,000 & & \ & & Bank & \text{"Y"} \ \text{'X"} & 12,000 & Discount & 200 \ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
A
current asset
B
current liability
C
fixed asset
D
fictitious asset
correct option: a
Users' Answers & Comments