2008 - WAEC Accounting Past Questions and Answers - page 4
31
Which of the following is not a subsidiary book?
A
sales journal
B
cash book
C
purchases ledger
D
general journal
correct option: c
Users' Answers & Comments32
Use the following information,
\(\begin{array}{c|c} & D\ \hline \text{Construction of classrooms} & 500,000\ \text{Sinking of boreholes} & 100,000\ \text{Staff salaries} & 150,000\ \text{Electricity} & 14,000 \ \text{Transport and travels} & 7000\ \text{office expenses} & 9,000 \end{array}\)
Recurrent expenditure is
\(\begin{array}{c|c} & D\ \hline \text{Construction of classrooms} & 500,000\ \text{Sinking of boreholes} & 100,000\ \text{Staff salaries} & 150,000\ \text{Electricity} & 14,000 \ \text{Transport and travels} & 7000\ \text{office expenses} & 9,000 \end{array}\)
Recurrent expenditure is
A
D180,000
B
D164,000
C
D150,000
D
D30,000
correct option: a
Users' Answers & Comments33
Use the following information,
\(\begin{array}{c|c} & D\ \hline \text{Construction of classrooms} & 500,000\ \text{Sinking of boreholes} & 100,000\ \text{Staff salaries} & 150,000\ \text{Electricity} & 14,000 \ \text{Transport and travels} & 7000\ \text{office expenses} & 9,000 \end{array}\)
Capital expenditure is
\(\begin{array}{c|c} & D\ \hline \text{Construction of classrooms} & 500,000\ \text{Sinking of boreholes} & 100,000\ \text{Staff salaries} & 150,000\ \text{Electricity} & 14,000 \ \text{Transport and travels} & 7000\ \text{office expenses} & 9,000 \end{array}\)
Capital expenditure is
A
D780,000
B
D750,000
C
D600,000
D
D500,000
correct option: b
Users' Answers & Comments34
In bank reconciliation, when a cash book shows a credit balance, uncredited cheques are i. deducted from the cash book balance. ii. added to the bank statement balance. iii. added to the cash book balance
A
i and ii only
B
i,ii and iii
C
ii and iii only
D
iii only
correct option: d
Users' Answers & Comments35
When provision is made for doubtful doubt, the accounting entries are
A
debit profit and loss account; credit provision for doubtful debt account
B
debit debtors account; credit trading account
C
debit profit and loss accoun; credit sales accoun
D
debit trading account; credit debtors account
correct option: a
Users' Answers & Comments36
An approach for discovering missing figures in incomplete records is the use of
A
cash book
B
control accounts
C
trading accounts
D
balance sheets
correct option: b
Users' Answers & Comments37
A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is
A
business entity
B
going concern
C
accrual
D
materiality
correct option: c
Users' Answers & Comments38
Which of the following is an advantage of the imprest system?
A
rewarding the imprest holder
B
reducing the burden of petty cashier
C
rreimbursting the petty cashier regularly
D
reducing the posting for small expenses into the main ledger
correct option: d
Users' Answers & Comments39
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \ \hline \text{Turn over} & ₦100,00 & ₦80,000\ \text{Commission} & ₦3,600 & & \ \text{Rent} & ₦6,000 & & \ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \ \hline \text{Turn over} & ₦100,00 & ₦80,000\ \text{Commission} & ₦3,600 & & \ \text{Rent} & ₦6,000 & & \ \text{Flor space} & & 200m^2 & 100m^2 \end{array}\)
How much commission was apportioned to Department a?
A
₦9,600
B
₦3,600
C
₦2,000
D
₦1,600
correct option: c
Users' Answers & Comments40
Henik Plc has departments A and B and has made the following information available concerning its operations;
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \ \hline \text{Turn over} & ₦100,00 & ₦80,000\ \text{Commission} & ₦3,600 & & \ \text{Rent} & ₦6,000 & & \ \text{Flor space}& & 200m^2 & 100m^2 \end{array}\)
Rent apportioned to Department B is
\(\begin{array}{c|c} & \text{Departmental A} & \text{Departmental B} \ \hline \text{Turn over} & ₦100,00 & ₦80,000\ \text{Commission} & ₦3,600 & & \ \text{Rent} & ₦6,000 & & \ \text{Flor space}& & 200m^2 & 100m^2 \end{array}\)
Rent apportioned to Department B is
A
₦4,000
B
₦3,600
C
₦2,000
D
₦1,600
correct option: a
Users' Answers & Comments