2014 - WAEC Accounting Past Questions and Answers - page 4
31
The accounting ratio used to measure the average number of days for which suppliers remain unpaid is
A
stock turnover
B
creditor's payment period
C
debtors collection period
D
return on capital employed
32
When the purchase consideration exceeds the value of business, the difference is
A
profit
B
discount
C
goodwill
D
reserve
33
The primary classification of government expenditure is based on
A
programs
B
fund
C
activity
D
project
34
An example of input devices of a computer is
A
an optical character reader
B
a graph plotter
C
a visual display unit
D
a printer
35
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
A
business entity
B
materiality
C
dual aspect
D
realization
36
A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sales for the year?
A
₦8,000000
B
₦6,00000
C
800,000
D
₦500,000
37
Which of the following information is recorded in the returns outwards book?
A
goods purchased on credit and susequently returned to suppliers
B
fixed asset bought on credit and subsequently returned to supplier
C
cash payment received from a customer and subsequently returned to supplier
D
goods sold to a customer and subsequently returned to the business
38
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
Calculate the stock figure to be included in the balance sheet at the year end
A
D408,000
B
D346,000
C
D284,000
D
D62,000
39
Use the information to answer the question given.
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is
\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \ \text{Branch mark-up account} & D62,000 - credit \end{array}\)
The concept applied in calculating the stock figure to be included in the balance sheet at the year end is
A
matching
B
consistency
C
prudence
D
entiti
40
subscription in advance is classified in the balance sheet as
A
an asset
B
a liability
C
a deficit
D
a surplus
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