2008 - WAEC Accounting Past Questions and Answers - page 3
21
The purchase of furniture, an asset to the company was debited to purchases account. This is an error of
A
omission
B
original entry
C
principle
D
commission
correct option: c
Users' Answers & Comments22
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the registrar of companies?
A
authorized capital
B
registered capital
C
issued capital
D
norminal capital
correct option: d
Users' Answers & Comments23
A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit
A
regina's account ₦27 : credit cash account ₦27
B
cash account ₦27 : credit Regina's account ₦27
C
Regina's account ₦143 : credit cash account ₦143
D
cash account ₦143 : credit Regina's account ₦143
correct option: a
Users' Answers & Comments24
Use the following information,
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The gross profit is
A
Le 47,200
B
Le 42,200
C
Le 37,200
D
Le 19,800
correct option: c
Users' Answers & Comments25
Use the following information,
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is
A
Le 42,200
B
Le 37,200
C
Le 32,200
D
Le 19,200
correct option: d
Users' Answers & Comments26
Use the following information,
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
\(\begin{array}{c|c} & Le\ \hline \text{Sales} & 183,400 \ \text{Purchases} & 168000\ \text{Opening stock} & 20,100\ \text{Closing stock} & 48,800 \ \text{Carriage outwards} & 2400\ \text{Carriage inwards} & 5,000\ \text{Returns inwards} & 10,000\ \text{Expenses} & 15,000\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is
A
Le 185,100
B
Le 139,200
C
Le 136,200
D
Le 131,200
correct option: c
Users' Answers & Comments27
The class of shares to which payment of dividend depends on profit is
A
forfeited shares
B
ordinary shares
C
bonus shares
D
preference shares
correct option: b
Users' Answers & Comments28
Payment for shares in installments is done by means of
A
calls
B
circulars
C
subscription
D
invitation
correct option: a
Users' Answers & Comments29
Mark-up on goods sent to branch are recorded in the books by crediting
A
stock adjustment account; debiting branch stock account
B
goods sent to branch accounts; debiting branch stock account
C
bank stock account; debiting stock adjustment account
D
branch stock account; credit cash account
correct option: c
Users' Answers & Comments30
Which of the following s not part of cost of production?
A
direct material cost
B
direct wages
C
factory overheads
D
administrative overheads
correct option: d
Users' Answers & Comments