2000 - WAEC Accounting Past Questions and Answers - page 5
41
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 sales is
\(\begin{array}{c|c} & N \ \hline \text{Sales} & 14,600 \ \text{Purchases} & 5,500 \ \text{Return inward} & 150 \ \text{Rent} & 2,000 \ \text{Salaries} & 1,000 \ \text{Discount received} & 400\ \text{Closing stock} & 250 \ \text{Opening stock} & 100\end{array}\)
Net sales is
A
N15,000
B
N14,750
C
N14,600
D
N14,450
correct option: d
Users' Answers & Comments42
The capital of not-for profit making organization is
A
capital reserve fund
B
accumulated fund
C
endowment fund
D
development fund
correct option: b
Users' Answers & Comments43
Which of the following is used in locating errors in the ledger?
A
trading account
B
trial balance
C
control account
D
journal proper
correct option: c
Users' Answers & Comments44
A reserve is an amount
A
to be paid to creditors
B
set out of profit for future use
C
for paying dividends
D
recovered from debts earlier written off
correct option: b
Users' Answers & Comments45
The document which authorizes the Minister of Finance to release fund for government expenditure is
A
a warrant
B
a bank cheque
C
an order
D
a vote book
correct option: a
Users' Answers & Comments