# 1998 - WAEC Accounting Past Questions & 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
2
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
3
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
4
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
5
Carriage inwards are included on goods
A
on display
B
sold
C
in process
D
purchases
CORRECT OPTION: d
6
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
A
67%
B
55%
C
50%
D
45%
CORRECT OPTION: c
7
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
A
100%
B
67%
C
50%
D
33%
CORRECT OPTION: d
8
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
A
48,000
B
N33,000
C
N28,000
D
N25,000
CORRECT OPTION: e
9
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
A
4.0 times
B
3.6 times
C
3.3 times
D
2.0 times
CORRECT OPTION: e
10
Which of the following is n asset?
A