2004 - WAEC Accounting Past Questions and Answers - page 5
41
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?
A
N360,000
B
N200,000
C
N160,000
D
N40,000
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42
Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?
A
N80,000
B
N75,000
C
N55,000
D
N35,000
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43
Which of the following is not correct?
\(\begin{array}{c|c} Assets & Liabilities & Capital\ N & N & N \ \hline \text{A. 95,550} 11,500 & 82,000 \ \text{B. 82,000} & 28,000 & 54,000\ \text{C. 78,500} & 12,500 & 66,000\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)
\(\begin{array}{c|c} Assets & Liabilities & Capital\ N & N & N \ \hline \text{A. 95,550} 11,500 & 82,000 \ \text{B. 82,000} & 28,000 & 54,000\ \text{C. 78,500} & 12,500 & 66,000\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)
A
A
B
B
C
C
D
D
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44
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
A
N76,000
B
N72,000
C
N70,000
D
N60,000
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45
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
A
N14,000
B
N13,000
C
N12,000
D
N10,000
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46
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
A
N13,600
B
N11,200
C
N10,880
D
N9,600
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47
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
A
N14,000
B
N13,000
C
N12,000
D
N10,000
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48
A statement that measures the performance of a business over a period of time is the
A
balance sheet
B
bank statement
C
funds flow statement
D
profit and loss account
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49
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
\(\begin{array}{c|c} & N\ \hline \text{Purchase price of equipment} & 60,000\ \text{Freight and installation cost} & 10,000 \ \text{Annual maintenance cost} & 1,000\ \text{Estimated useful life - 5 years} & \ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
A
N14,000
B
N13,000
C
N12,000
D
N10,000
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50
Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?
A
N265,000
B
N220,000
C
N205,000
D
N190,000
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