2013 - WAEC Accounting Past Questions and Answers - page 2
11
Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \ \hline \text{Net profit} & 60,000\ \text{Total assets} & 520,000\ \text{Current liabilities} & 150,000 \ \text{Current assets} & 280,000\end{array}\)
The capital employed is
\(\begin{array}{c|c} & ₦ \ \hline \text{Net profit} & 60,000\ \text{Total assets} & 520,000\ \text{Current liabilities} & 150,000 \ \text{Current assets} & 280,000\end{array}\)
The capital employed is
A
₦ 740,000
B
₦ 580,000
C
₦ 370,000
D
₦ 280, 000
correct option: c
Users' Answers & Comments12
\(\begin{array}{c|c}
\text{Net profit} & 60,000 \
\hline
\text{Total assets} & 520,000 \
\hline
\text{Current liabilities} & 150,000 \
\hline
\text{Currents assets} & 280,000 \
\end{array}\)
The returns on capital employed is
\text{Net profit} & 60,000 \
\hline
\text{Total assets} & 520,000 \
\hline
\text{Current liabilities} & 150,000 \
\hline
\text{Currents assets} & 280,000 \
\end{array}\)
The returns on capital employed is
A
17.2%
B
16.2%
C
15.2%
D
11.2%
correct option: b
Users' Answers & Comments13
The double entry principle states that
A
every debit entry must have a corresponding credit entry
B
every credit entry must have a corresponding double entry
C
every debit must must have a corresponding double entry
D
every assets must have a corresponding liability
correct option: a
Users' Answers & Comments14
Which of the following is a nominal account?
A
machinery account
B
drawings account
C
debtors account
D
wages account
correct option: d
Users' Answers & Comments15
Reserves account is kept in the
A
private ledger
B
creditors ledger
C
nominal ledger
D
debtors ledger
correct option: a
Users' Answers & Comments16
The accumulative fund of a non-for-profit making organization is
A
consistency concept
B
realization concept
C
going concern concept
D
business entity concept
correct option: d
Users' Answers & Comments17
A business is treated as being separated from owners. This statement is emphasized by
A
consistency concept
B
realization concept
C
going concern concept
D
business entity concept
correct option: d
Users' Answers & Comments18
Which of the following is recorded on the debit side of the Trial Balance?
A
bank overdrafted
B
returns outwards
C
purchases
D
capital
correct option: c
Users' Answers & Comments19
Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\ & D & D \ \hline \text{Creditor} & 2,495 & 2,285\ \text{Debtors} & 1,215 & 2,145 \ \text{Cash paid to creditors} & - & 32,170\ \text{Cash received from customers} & - & 40,650\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\ & D & D \ \hline \text{Creditor} & 2,495 & 2,285\ \text{Debtors} & 1,215 & 2,145 \ \text{Cash paid to creditors} & - & 32,170\ \text{Cash received from customers} & - & 40,650\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is
A
D32,880
B
D32,780
C
D32,460
D
D31,960
correct option: c
Users' Answers & Comments20
Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\ & D & D \ \hline \text{Creditor} & 2,495 & 2,285\ \text{Debtors} & 1,215 & 2,145 \ \text{Cash paid to creditors} & - & 32,170\ \text{Cash received from customers} & - & 40,650\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\ & D & D \ \hline \text{Creditor} & 2,495 & 2,285\ \text{Debtors} & 1,215 & 2,145 \ \text{Cash paid to creditors} & - & 32,170\ \text{Cash received from customers} & - & 40,650\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is
A
D42,795
B
D42,080
C
D41,580
D
D39,720
correct option: c
Users' Answers & Comments