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2000 - WAEC Accounting Past Questions and Answers - page 4

31
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
A
N1,000 profit
B
N500 profit
C
N500 loss
D
N1,000 loss
correct option: b
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32
Which of the following is not an example of input device?
A
card reader
B
keyboard
C
visual display unit
D
central processing unit
correct option: d
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33
The double entry for increasing provision for bad debt is debit
A
debtor's account, credit provision for bad debt account
B
profit and loss account, credit debtor's account
C
debtor's account, credit profit and loss acount
D
profit and loss account, credit provision for bad debt account
correct option: d
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34
Bills receivable is a
A
current liability
B
current asset
C
long-term liability
D
fictitious asset
correct option: b
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35
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
A
N1,250
B
N1,200
C
N1,000
D
N250
correct option: b
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36
Which of the following accounts has a debit balance?
A
capital reserve
B
revenue reserve
C
share premium
D
share discount
correct option: d
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37
a list of all credit and debit balance from the ledger accounts is
A
trial balance
B
profit and loss statement
C
statement of affairs
D
balance sheet
correct option: a
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38
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Sales} & 14,600 \ \text{Purchases} & 5,500 \ \text{Return inward} & 150 \ \text{Rent} & 2,000 \ \text{Salaries} & 1,000 \ \text{Discount received} & 400\ \text{Closing stock} & 250 \ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
A
N5,350
B
N5,150
C
N4,500
D
N4,250
correct option: a
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39
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Sales} & 14,600 \ \text{Purchases} & 5,500 \ \text{Return inward} & 150 \ \text{Rent} & 2,000 \ \text{Salaries} & 1,000 \ \text{Discount received} & 400\ \text{Closing stock} & 250 \ \text{Opening stock} & 100\end{array}\)
Gross profit is
A
N10,350
B
N10,200
C
n9,500
D
N9,100
correct option: d
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40

Use the following information to answer the given question

\(\begin{array}{c|c} & N \ \hline \text{Sales} & 14,600 \ \text{Purchases} & 5,500 \ \text{Return inward} & 150 \ \text{Rent} & 2,000 \ \text{Salaries} & 1,000 \ \text{Discount received} & 400\ \text{Closing stock} & 250 \ \text{Opening stock} & 100\end{array}\)
Net profit is

A
N9,100
B
N7,850
C
N7,750
D
N6,500
correct option: d

sales                                                          14,600
less; sales returns                                        150
                                                                  14,450
purchases ---------   5,500
disc, received ----    -400 
                               5,100 
opening stock------   100
closing stock--------  -250
cost goods sold                                          4,950
                                                                   9,500
                                                                     
Rent --------      2,000
salaries ---       1,000                                3,000
Net profit                                                  6,500                                                             
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