1999 - WAEC Accounting Past Questions and Answers - page 1
1
Errors in the ledger can be corrected through
A
journal proper
B
sales day book
C
purchases day book
D
control account
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2
Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include
A
bank charges
B
standing order
C
presented cheque
D
interest overdraft
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3
Discount received is
A
credited to the trading account
B
debited to the Profit and Loss Account
C
credited to the Profit and Loss Account
D
credited to the Appropriation Account
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4
Carriage outwards is charged to
A
credited to the trading account
B
debited to the profit and loss account
C
credited to the profit and loss account
D
credited to the appropriation account
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5
Carriage outwards is charged to
A
trading account
B
appropriation account
C
purchases account
D
profit and loss account
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6
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?
\(\begin{array}{c|c} & N \ \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?
A
N8,500
B
N6,625
C
N6,500
D
N6,000
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7
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?
\(\begin{array}{c|c} & N \ \hline \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?
A
N3,375
B
N2,625
C
N2,000
D
N1,875
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8
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is
\(\begin{array}{c|c} & N \ \hline \text{Debtors (1/1/98)} & 2,000 \ \text{Debtors (31/12/98)} & 1,250 \ \text{Cash received from debtors} & 6,000 \ \text{Bad debt written off} & 750 \ \text{Discount allowed} & 500 \ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is
A
N6,000
B
N3,250
C
N2,000
D
N1,250
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9
Which of the following is a contra entry?
A
lodgement of cheques into bank account
B
Loggement of cash in hand into bank account
C
withdrawal of cash for private use
D
treatment of discount receivd in the cash book
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10
Profit expressed as a proportion of cost price is
A
gross profit
B
mark-up
C
margin
D
profit percentage
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