1998 - WAEC Accounting Past Questions and Answers - page 1
1
Which of the following is the least liquid?
A
stock
B
debtors
C
bills receivable
D
payment machinery
correct option: d
Users' Answers & Comments2
Opening stock + Purchases + carriage inwards is equal to
A
total sales
B
cost of goods sold
C
cost of goods available for sale
D
gross profit
correct option: c
Users' Answers & Comments3
Which of the following is a source of the local government Revenue?
A
personal income tax
B
sales of armed forces property
C
repayment (state)
D
repayment (Interest and General)
correct option: e
Users' Answers & Comments4
The accountant general disburses government fund by the use of
A
a voucher
B
a warrant
C
an estimate
D
a vote
correct option: b
Users' Answers & Comments5
Carriage inwards are included on goods
A
on display
B
sold
C
in process
D
purchases
correct option: d
Users' Answers & Comments6
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The gross profit percentage is
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The gross profit percentage is
A
67%
B
55%
C
50%
D
45%
correct option: c
Users' Answers & Comments7
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The net profit percentage is
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The net profit percentage is
A
100%
B
67%
C
50%
D
33%
correct option: d
Users' Answers & Comments8
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The working capital is
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The working capital is
A
48,000
B
N33,000
C
N28,000
D
N25,000
correct option: e
Users' Answers & Comments9
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The stock turnover is
\(\begin{array}{c|c} & N \ \hline Debtors & 30,000 \ Creditor & 20,000 \ \text{Opening stock} & 15,000 \ \text{Closing stock} & 18,000\ Wages & 3,000 \ Salaries & 10,000 \ Purchases & 30,000 \ Sales & 60,000\end{array}\)
The stock turnover is
A
4.0 times
B
3.6 times
C
3.3 times
D
2.0 times
correct option: e
Users' Answers & Comments10
Which of the following is n asset?
A
bad debt provision
B
rent in arrears
C
sales
D
accrued wages
correct option: e
Users' Answers & Comments