WAEC Accounts - principles of accounts 2012 Past Questions

The objectively of accounting information is enable users to

Trade discounts are given for

When closing stock is overstated, it would reduce,

Which of the following is not a source document?

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

Which of the following is a book of ordinary entry?

A balance sheet shows only

The process of entering transaction from one book to another is

Which of the following is a trading account item?

The addition of prime cost and factory overhead is

Capital receipt is collected

Osa started business with Le 40,000 cash. The accounting entry is debit

Branch stock account is used to determine the

The name given to a budget in public service accounting is

Which of the following is not prepared by a partnership?

which of the following is a component of prime cost?

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

Which of the following is not an input device?

The equivalent of income and expenditure account in a trading concern is

The term used to denote the capital of a not-for-profit making organization is

The portion of authorized capital that has been allotted to subscribers

Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are

If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is

Which of the following is not found in the personal ledger?

The sales ledger control account is also referred to as

An increases in the provision for doubtful debts results is a\an

Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

Which of the following errors affects the agreement of a Trial balance?

The excess of value of assets over the purchase consideration on acquisition of a business is credited to

Which of the following is not the purpose of a control account?

Which of the following is not part of the central processing unit of a computer?

The double entry to record the proceeds on disposal of assets in debit

Which of the following is a form of memorandum of association

An underwriter for a company's share is paid

Administrative, selling and distribution expenses in a manufacturing firm are recorded in

Which of the following is not a revenue to a local government?

Which of the following is not an item in the profit and loss account?

A loss made on the disposal of a fixed assets is debited to

Use the following information to answer the given question
\(\begin{array}{c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The capital is

Use the following information to answer the given question
\(\begin{array} {c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The liability is

Use the following information to answer the given question
\(\begin{array}{c|c} & Le\\ \hline \text{Construction and hospital wards} & 300,000\\ \text{purchase of hospital beds} & 40,000 \\ \text{salaries and wages}& 80,000\\ \text{Purchase of drugs} & 55,000\\ \text{purchases of x-ray machine} & 150,000\end{array}\)
Capital expenditure for the year was

\(\begin{array}{c|c} & Le\\ \hline \text{Construction and hospital wards} & 300,000\\ \text{purchase of hospital beds} & 40,000 \\ \text{salaries and wages}& 80,000\\ \text{Purchase of drugs} & 55,000\\ \text{purchases of x-ray machine} & 150,000\end{array}\)
The amount of recurrent expenditure was

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
The amount of working capital is

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
Working capital ratio is