2001 - WAEC Accounting Past Questions and Answers - page 5
41
An agreement made by partners to regulate and govern their business activities is known as
A
partnership Act
B
Partnership Deed
C
partnership code
D
Memorandum
correct option: b
Users' Answers & Comments42
Issue of prospectus is an invitation to members of the public to
A
subscribe for shares
B
register a company
C
redeem shares
D
liquidate a company
correct option: a
Users' Answers & Comments43
Which of the following are correct about a limited liability company? i. Members have power to bind the company ii. Perpetual succession iii. Certificate of incorporation iv. Wound-up on death of a share holder
A
ii and iii only
B
i and iv only
C
ii and iv ony
D
i and iii only
correct option: a
Users' Answers & Comments44
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Percentage of net profit to sales is
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Percentage of net profit to sales is
A
40%
B
30%
C
20%
D
10%
correct option: c
Users' Answers & Comments45
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Acid test ratio is
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Acid test ratio is
A
1.8 : 1
B
1.7 : 1
C
1,5 : 1
D
1.2 : 1
correct option: b
Users' Answers & Comments46
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Gross profit is
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Gross profit is
A
N70,000
B
N60,000
C
N50,000
D
N40,000
correct option: c
Users' Answers & Comments47
The Chief accounting officer of the federation is
A
Minister of Finance
B
Auditor General
C
Accountant general
D
chief accountant
correct option: c
Users' Answers & Comments48
Which of the following serve as the main Government Fund used to service all operations of the government?
A
General fund
B
consolidated revenue fund
C
consolidated reserve fund
D
special fund
correct option: b
Users' Answers & Comments49
Which of the government serves as an input, storage and output device of a computer?
A
diskette
B
keyboard
C
monitr
D
printer
correct option: a
Users' Answers & Comments50
The expenditure on a good or service which is consumed either immediately or within a current accounting government?
A
annual expenditure
B
budgetary expenditure
C
capital expenditure
D
recurrent expenditure
correct option: d
Users' Answers & Comments