2005 - WAEC Accounting Past Questions and Answers - page 2
11
A debit balance of N1,000 in cash account means that
A
cash in hand is N1,000
B
cash has been overspent by N1,000
C
total cash paid out is N1,000
D
total cash received was less by N1,000
correct option: a
Users' Answers & Comments12
The maximum level of cash held by by a cashier under an imprest system is a/an
A
vote
B
float
C
reimburstment
D
advance
correct option: b
Users' Answers & Comments13
The total of the sales journal is entered on the
A
debit side of sales account
B
debit side of cash account
C
credit side of sales account
D
credit side of cash account
correct option: c
Users' Answers & Comments14
Gross profit is calculated in the
A
trading account
B
profit and loss account
C
appropriation account
D
partners current account
correct option: a
Users' Answers & Comments15
An example of fixed asset is
A
creditors
B
goodwill
C
accruals
D
furniture
correct option: d
Users' Answers & Comments16
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
A
N39,500
B
N30,500
C
N30,000
D
N20,500
correct option: d
Users' Answers & Comments17
Use the following information to answer the question
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is
A
N19,750
B
N15,250
C
N15,000
D
N10,250
correct option: d
Users' Answers & Comments18
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is
A
N40,500
B
N30,500
C
N30,000
D
N25,000
correct option: b
Users' Answers & Comments19
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is
\(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is
A
N18,150 Cr
B
N16,150 Cr
C
N10,150 Cr
D
N6,150 Cr
correct option: d
Users' Answers & Comments20
Capital expenditure is the
A
cost of running a business
B
money spent on buying goods for resale
C
money spent on acquire fixed assets
D
extra capital paid in by the proprietor
correct option: c
Users' Answers & Comments