1999 - WAEC Accounting Past Questions and Answers - page 4
31
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \ \text{10% Debentures} & 60,000 & Stock & 22,000 \ Creditors & 10,000 & Debtors & 26,000 \ \text{Accrued wages} & 12,000& Bank & 40,000 \ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \ \text{10% Debentures} & 60,000 & Stock & 22,000 \ Creditors & 10,000 & Debtors & 26,000 \ \text{Accrued wages} & 12,000& Bank & 40,000 \ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is
A
N203,000
B
N180,000
C
N140,000
D
N88,000
correct option: b
Users' Answers & Comments32
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \ \text{10% Debentures} & 60,000 & Stock & 22,000 \ Creditors & 10,000 & Debtors & 26,000 \ \text{Accrued wages} & 12,000& Bank & 40,000 \ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \ \text{10% Debentures} & 60,000 & Stock & 22,000 \ Creditors & 10,000 & Debtors & 26,000 \ \text{Accrued wages} & 12,000& Bank & 40,000 \ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
A
4 : 1
B
3 : 1
C
2 : 1
D
1 : 1
correct option: b
Users' Answers & Comments33
A suspense Account is used to
A
recoed difference in the books until errors are located
B
accumulate debit and credit balances
C
accomodate debit balances of profit statements
D
record accounts of the general ledger
correct option: a
Users' Answers & Comments34
The purpose of the trading account is to ascertain
A
carriage outwards
B
gross profit
C
distribution expenses
D
net profit
correct option: b
Users' Answers & Comments35
A trial Balance is the
A
narration of all transactions and accounts
B
debit balances of the accounts
C
list of all balances extracted from the ledger
D
list of all credit balances in the ledger
correct option: c
Users' Answers & Comments36
Which of the following entries is made damaged goods are returned to the supplier?
A
supplier's account is debited and the purchasers account credited
B
returns outwards account is debited and the supplier's account credited
C
purchaser's Account is debited and the supplier's account credited
D
supplier's account is debited and the returns Outwards Account creddited
correct option: d
Users' Answers & Comments37
A balance sheet is a
A
form of trading account
B
proof of arithmetical accuracy of postings
C
statement showing profits at a certain date
D
statement showing assets and liabilities at a cretain date
correct option: d
Users' Answers & Comments38
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
A
N1,000
B
N960
C
N933
D
N820
correct option: b
Users' Answers & Comments39
Recurrent expenditure of government is paid from
A
contingenecies fund
B
reserve fund
C
development fund
D
consilidated fund
correct option: d
Users' Answers & Comments40
A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as
A
certificate
B
agreement
C
bank loan
D
debenture
correct option: d
Users' Answers & Comments