2002 - WAEC Accounting Past Questions and Answers - page 4
31
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
A
trade discount
B
cash discount
C
quantity discount
D
rebate
correct option: b
Users' Answers & Comments32
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
A
accrual
B
materiality
C
prudence
D
going-concern
correct option: a
Users' Answers & Comments33
Partner's interest on capital is shown in the
A
profit and loss account
B
partners Fixed Capital account
C
profit and loss Appropriation
D
trading account
correct option: c
Users' Answers & Comments34
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde's capital is
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde's capital is
A
N10,000
B
N5,000
C
N4,000
D
N1,500
correct option: b
Users' Answers & Comments35
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
A
N20,000
B
N10,500
C
N5,000
D
N4,000
correct option: b
Users' Answers & Comments36
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is
A
N30,000
B
N25,500
C
N25,000
D
N10,000
correct option: d
Users' Answers & Comments37
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is
A
N35,500
B
N25,000
C
N21,000
D
N20,000
correct option: a
Users' Answers & Comments38
Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account
A
i and ii
B
ii and iii
C
i and iii
D
i,ii and iii
correct option: d
Users' Answers & Comments39
Which of the following is not an input device?
A
diskette
B
card
C
keyboard
D
printer
correct option: d
Users' Answers & Comments40
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?
A
N45,000
B
N42,000
C
N36,000
D
N33,000
correct option: c
Users' Answers & Comments