2006 - WAEC Accounting Past Questions and Answers - page 3
21
A customers who returns goods to the supplier because they are detective is issued a
A
debit note
B
credit note
C
delivery note
D
bank note
correct option: b
Users' Answers & Comments22
Which of the following is not a debit item in a partnership appropriation account?
A
intereston drawings
B
partner's salary
C
interest on partner's capital
D
share of profit
correct option: a
Users' Answers & Comments23
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was
A
Le 23,500
B
Le 18,500
C
Le 11,500
D
Le 13,000
correct option: b
Users' Answers & Comments24
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was
A
Le 23,000
B
Le 18,000
C
Le 16,000
D
Le 13,000
correct option: c
Users' Answers & Comments25
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was
\(\begin{array}{c|c} & Le \ \hline \text{Cash in hand} & 15,000\ \text{Balances as at 1st January, 2005:} & \ \text{Subscriptions in arrears} & 6,000\ \text{Subscription in advance} & 2,500\ \text{Subscriptions received} & 18,000\ \text{Expense for the year} & 6,500\ \text{Balances as at 31st December, 2005:} & \ \text{Subscriptions in arrears} & 3,000 \ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was
A
Le 16,500
B
Le 11,500
C
Le 9,500
D
Le 6,500
correct option: c
Users' Answers & Comments26
Revenue is recognized in the profit and loss account as soon as a
A
debtor pays what is due from him
B
sale of goods takes place and money is received
C
sale of goods takes place whether or not money is received
D
sales of a fixed asset takes place
correct option: c
Users' Answers & Comments27
"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of
A
business entity
B
going concern
C
realization
D
accrual
correct option: b
Users' Answers & Comments28
Which of the following is not used in solving problems of incomplete records?
A
control accounts
B
statement of affairs
C
cash book
D
balance sheet
correct option: d
Users' Answers & Comments29
In a system of incomplete records, the opening capital is determined by preparing
A
statement of affairs
B
balance sheet
C
cash book
D
trial balance
correct option: a
Users' Answers & Comments30
Use the information to answer the given question.
\(\begin{array}{c|c} & D\ \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of raw materials consumed is
\(\begin{array}{c|c} & D\ \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of raw materials consumed is
A
D113,000
B
D105,500
C
D98,000
D
D95,500
correct option: c
Users' Answers & Comments