2007 - WAEC Accounting Past Questions and Answers - page 4
31
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 shown in the Balance sheet as at 31st December 2005 is
A
₦400(asset)
B
₦150(asset)
C
₦150(liability)
D
400(liability)
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32
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by
A
realization concept
B
entity concept
C
going cornvern concept
D
dual aspect concept
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33
Which of the following is not an accounting convention?
A
maternity
B
consistency
C
business entity
D
periodicity
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34
In the absence of partnership agreement, profits and losses are shared
A
in the ratio of capitals
B
equally
C
in the ratio of drawings
D
according to services rendered
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35
Which of the following formulae is used to calculate stock turnover rate?
A
\(\frac{sales}{\text{average stock}}\)
B
\(\frac{\text{cost f sales}}{\text{average stock}}\)
C
\(\frac{\text{cost of sales}{\text{opening stock}}\)
D
\(\frac{\text{cost of sales}}{\text{average stock}}\)
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36
Which of the following bases of accounting does not make allowance for depreciation?
A
cash basis
B
accrual basis
C
matching basis
D
commitment basis
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37
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \ \hline Premises & 100,000 \ Plant & 50,000\ Fixtures & 30,000\ Stock & 2,000 \ Debtor & 10,000\ Cash & 10,000\ Creditors & 20,000 \end{array}\)
Total assets is
\(\begin{array}{c|c} & ₦ \ \hline Premises & 100,000 \ Plant & 50,000\ Fixtures & 30,000\ Stock & 2,000 \ Debtor & 10,000\ Cash & 10,000\ Creditors & 20,000 \end{array}\)
Total assets is
A
₦240,000
B
₦220,000
C
₦200,000
D
₦180,000
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38
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \ \hline Premises & 100,000 \ Plant & 50,000\ Fixtures & 30,000\ Stock & 2,000 \ Debtor & 10,000\ Cash & 10,000\ Creditors & 20,000 \end{array}\)
Current ratio is
A
4 : 1
B
3 : 1
C
2 : 1
D
1 : 1
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39
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \ \hline Premises & 100,000 \ Plant & 50,000\ Fixtures & 30,000\ Stock & 2,000 \ Debtor & 10,000\ Cash & 10,000\ Creditors & 20,000 \end{array}\)
Quick ratio is
\(\begin{array}{c|c} & ₦ \ \hline Premises & 100,000 \ Plant & 50,000\ Fixtures & 30,000\ Stock & 2,000 \ Debtor & 10,000\ Cash & 10,000\ Creditors & 20,000 \end{array}\)
Quick ratio is
A
4 : 1
B
3 : 1
C
2 : 1
D
1 : 1
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40
Which of the following is not used for determining working capital?
A
cash
B
debtors
C
motor vehicles
D
overdraft
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