2007 - WAEC Accounting Past Questions and Answers - page 3
21
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\ \text{Rent received during the year 2005} & D5,000\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\ \text{Rent received during the year 2005} & D5,000\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
A
current asset
B
current liability
C
long-term liability
D
fixed asset
correct option: b
Users' Answers & Comments22
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening balance} & 1,894 Dr \ \text{Cheques received from customers} & 7,286\ \text{Cash received from customers} & 1,236 \ \text{Returned from customers} & 296 \ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening balance} & 1,894 Dr \ \text{Cheques received from customers} & 7,286\ \text{Cash received from customers} & 1,236 \ \text{Returned from customers} & 296 \ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
A
fixed asset
B
current asset
C
current liability
D
capital
correct option: b
Users' Answers & Comments23
Which of the following is not a cause of depreciation?
A
inflation
B
erosion and decay
C
wear and tear
D
obsolescence
correct option: a
Users' Answers & Comments24
Items on the left-hand side of a total debtors account are debits in the
A
purchase ledger
B
sales ledger
C
general ledger
D
journal
correct option: b
Users' Answers & Comments25
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening balance} & 1,894 Dr \ \text{Cheques received from customers} & 7,286\ \text{Cash received from customers} & 1,236 \ \text{Returned from customers} & 296 \ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening balance} & 1,894 Dr \ \text{Cheques received from customers} & 7,286\ \text{Cash received from customers} & 1,236 \ \text{Returned from customers} & 296 \ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
A
₦14,078
B
₦10,290
C
₦8,520
D
₦3,554
correct option: b
Users' Answers & Comments26
The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s
A
66\(\frac{2}{3}\)%
B
50%
C
33\(\frac{1}{2}\)%
D
25%
correct option: c
Users' Answers & Comments27
In single entry and incomplete records, the net assets method used to ascertain profit is
A
net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
B
net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
C
net asset at the end of a period - net asset at the begining of a period - drawings
D
net asset at the end of a period + additional capital - drawings
correct option: a
Users' Answers & Comments28
The assumption that a business has perpetual existence is recognized by
A
entity concept
B
periodicity concept
C
going-concern concept
D
realisation concept
correct option: c
Users' Answers & Comments29
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A
₦5,750
B
₦5,350
C
₦400
D
₦115
correct option: a
Users' Answers & Comments30
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A
₦5,750
B
₦5,350
C
₦400
D
₦115
correct option: a
Users' Answers & Comments