2001 - WAEC Accounting Past Questions and Answers - page 4
31
The head office usually issues goods to branches at
A
prime cost
B
production cost
C
net realisable value
D
cost price
correct option: d
Users' Answers & Comments32
Which of the following does not relate to government accounting system?
A
vote
B
trial balance
C
consolidated fund
D
profit and loss account
correct option: d
Users' Answers & Comments33
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?
A
N8,000
B
N6,000
C
N4,000
D
N2,000
correct option: c
Users' Answers & Comments34
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit
A
Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
B
Disposal of Asset Account N4,000, credit fixed Access Account N4,000
C
Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
D
Fixed Asset Account N2,000, credit Disposal of Assets Account 2000
correct option: b
Users' Answers & Comments35
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the profit or loss on the disposal asset?
A
N4,000 profit
B
N2,000 profit
C
N2,000 loss
D
N2,000 loss
correct option: c
Users' Answers & Comments36
"The Accountant thinks the investment in the books are worthless". This is
A
consistency concept
B
objectivity concept
C
conservatism concept
D
money measurement concept
correct option: d
Users' Answers & Comments37
Profits are recognised when goods are sold. What concept is this
A
realization
B
matching
C
periodicity
D
going concern
correct option: a
Users' Answers & Comments38
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Baba's share of profit?
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Baba's share of profit?
A
N1,650,000
B
N1,600,000
C
N1,280,000
D
N1,100,000
correct option: d
Users' Answers & Comments39
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Ali's share of profit?
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Ali's share of profit?
A
N1,650,000
B
N1,600,000
C
N1,280,000
D
N1,100,000
correct option: b
Users' Answers & Comments40
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is the closing balance in Ali's Current Account?
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \ \hline \text{Interest on capital} & \text{5%} & \text{5%} \ \text{Partner's salary} & N500,000 & N300,000 \ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \ \text{Current account b/d} & N400,000 & N500,000 \ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is the closing balance in Ali's Current Account?
A
N1,600,000 Cr.
B
N500,000 Cr.
C
N500,000 Dr
D
N1,600,000Dr
correct option: b
Users' Answers & Comments