2013 - WAEC Accounting Past Questions and Answers - page 2

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}
\text{Net profit} & 60,000 \
\hline
\text{Total assets} & 520,000 <br /> \hline
\text{Current liabilities} & 150,000 <br /> \hline
\text{Currents assets} & 280,000 <br /> \end{array})

The returns on capital employed is

The double entry principle states that

Which of the following is a nominal account?

Reserves account is kept in the

The accumulative fund of a non-for-profit making organization is

A business is treated as being separated from owners. This statement is emphasized by

Which of the following is recorded on the debit side of the Trial Balance?

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

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