1998 - WAEC Accounting Past Questions and Answers - page 2
11
A balance sheet is prepared
A
for the year ended...........19 x 1
B
for............19 x 1
C
as to.............19 x 1
D
in the year..............19 x 1
correct option: c
Users' Answers & Comments12
Which of the following is not a Nominal Account?
A
electricity account
B
furnitures and fittings account
C
postages and telephone account
D
insurance account
correct option: b
Users' Answers & Comments13
Partners salary is shown in the
A
trading account
B
profit and loss account
C
income and expenditure
D
profit and loss appropriation account
correct option: d
Users' Answers & Comments14
Which of the following is the personal ledger?
A
assets account
B
discount allowed account
C
sales account
D
discount received account
correct option: e
Users' Answers & Comments15
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount
A
i
B
ii
C
iii
D
ii and iii
correct option: d
Users' Answers & Comments16
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
A
N68,300
B
N57,000
C
N40,300
D
N39,500
correct option: d
Users' Answers & Comments17
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
A
N56,5000
B
N40,300
C
N39,500
D
N28,000
correct option: b
Users' Answers & Comments18
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
A
N52,2000
B
N51,200
C
N48,300
D
N39,500
correct option: b
Users' Answers & Comments19
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
\(\begin{array}{c|c} & N \ \hline \text{Furniture and Fittings} & 15,000 \ \text{Land and building} & 40,000 \ \text{Motor Vehicles} & 25,000 \ Stock & 10,000 \ Debtors & 27,000 \ \text{Cash in hand} & 2,000 \ \text{Bank overdraft} & 17,500 \ \text{Profit and loss b/d} & 28,000 \ \text{Rent owing} & 800 \ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
A
N119,500
B
N90,000
C
N80,000
D
N79,200
correct option: c
Users' Answers & Comments20
Accounts payable is
A
an accrual
B
a provisin
C
a current liability
D
a long-term liability
correct option: c
Users' Answers & Comments