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
A
N15,000
B
N14,750
C
N14,600
D
N14,450
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42
The capital of not-for profit making organization is
A
capital reserve fund
B
accumulated fund
C
endowment fund
D
development fund
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43
Which of the following is used in locating errors in the ledger?
A
trading account
B
trial balance
C
control account
D
journal proper
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44
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
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45
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
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