Question on: WAEC Accounting - 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Acid test ratio is
\(\begin{array}{c|c} & N \ \hline Sales & 200,000 \ \text{Opening Stock} & 20,000 \ purchases & 140,000 \ \text{Closing Stock} & 10,000 \ Expenses & 10,000\ Bank & 10,000 \ Capital & 85,000 \ Creditors & 35,000 \ Debtors & 50,000 \ \text{Fixtures and fittings, cost} & 10,000 \ \text{Freehold land and building} & 70,000 \ Drawings & 10,000\end{array}\)
Acid test ratio is
A
1.8 : 1
B
1.7 : 1
C
1,5 : 1
D
1.2 : 1
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Correct Option: B
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