2013 - WAEC Accounting Past Questions and Answers - page 4
31
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \ \hline \ \text{Fines} & 20,000\ \text{Market rates} & 120,000\ \text{Salaries} & 60,000\ \text{Maintenance of vehicles} & 49,000 \ \text{Park collections} & 100,000\end{array}\)
The total expenditure for the period is
A
Le 319,000
B
Le 270,000
C
Le 139,000
D
Le 109,000
32
Which of the following is not an item on the credit side of the purchases ledger control account?
A
cash received
B
cash payment
C
contra settlement
D
cheque payment
33
When a business is purchased from a sole trader, the excess of the purchase price over the net assets is
A
reserve
B
goodwill
C
feehold
D
valuation price
34
A set of instrument or programs which controls the operation of a computer is
A
software
B
hardware
C
monitor
D
keyboard
35
the process of detecting, tracing and eliminating errors in a computer program is
A
reproduction
B
debugging
C
sorting
D
retrieving
36
the process of detecting, tracing and eliminating errors in a computer program is
A
reproduction
B
debugging
C
sorting
D
retrieving
37
The process of detecting, tracing and eliminating errors in a computer program is
A
reproduction
B
debugging
C
sorting
D
retrieving
38
When the going concern concept is no longer applicable, the fixed assets are recorded at their
A
net book value
B
realizable value
C
gross value
D
revalued amount
39
In a non-for-profit making organization, the cash book is referred to as
A
income and expenditure acount
B
receipts and payments account
C
two column cashbook
D
petty cash bok
40
Which of the following relates to the essence of partnership? To
A
run a charity organization
B
pursue a social objective
C
form a business for profit
D
run a religious objective
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