2001 - WAEC Accounting Past Questions and Answers - page 1
1
The income accruing to debenture holders is called
A
dividend
B
net profit
C
shares
D
interest
correct option: d
Users' Answers & Comments2
The amount by which assets exceed specific liabilities is called
A
reserve
B
provision
C
premium
D
bonus
correct option: a
Users' Answers & Comments3
Which of the following has a debit balance at the end of the year?
A
rates prepaid account
B
bank loan account
C
income received in advance account
D
ordinary share capital account
correct option: a
Users' Answers & Comments4
Which of the following is not an example of a fictitious asset?
A
Raw materials stock
B
debit balance of profit and loss account
C
preliminary expenses f a limited company
D
expenditure on incorporation carried forward
correct option: a
Users' Answers & Comments5
Prime cost consist of
A
direct material and direct labour cost
B
direct material, direct labour and direct expenses
C
direct material, direct labour, direct expenses overhead
D
direct material and direct expenses
correct option: b
Users' Answers & Comments6
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
A
N765
B
N585
C
N536
D
N517
correct option: c
Users' Answers & Comments7
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
A
N765
B
N585
C
N538
D
N437
correct option: a
Users' Answers & Comments8
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \ \hline Dec. & 1 & \text{petty cash in hand} & 517 \ & 1 & \text{petty cash to imprest amount} & 3,483 \ & 6 & \text{Bought notebooks} & 328\ & 7 & \text{Paid wages} & 914\ & 14 & \text{Bought postage stamps} & 375 \ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \ & 21 & \text{Paid wages} & 928 \ & 23 & \text{Bought envelopes} & 437 \ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
A
N4,000
B
N3,728
C
N3,483
D
N1,842
correct option: b
Users' Answers & Comments9
Which of the following explains the short term solvency of a company?
A
acid test ratio
B
debtor to equity ratio
C
net profit margin ratio
D
gross profit margin ratio
correct option: a
Users' Answers & Comments10
Which of the following is a fictitious asset?
A
overdraftt
B
cash in hand
C
reserves
D
preliminary expenses
correct option: d
Users' Answers & Comments