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Accounts - Principles of Accounts 1991 WAEC Past Questions

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21
The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
  • A. N42,500
  • B. N40,500
  • C. N40,000
  • D. N38,000
  • E. N32,000
View Answer & Discuss (1) WAEC 1991
22
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
  • A. i
  • B. ii
  • C. iii
  • D. i, ii and iii
  • E. i and ii
View Answer & Discuss WAEC 1991
23
The trading Account is usually headed
  • A. for the year ended............19 x 1
  • B. for............19 x 1
  • C. as.............19 x 1
  • D. as at.........19 x 1
  • E. ...................19 x 1
View Answer & Discuss WAEC 1991
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24
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
  • A. cosolidated fund
  • B. recurrent fund
  • C. accumulated fund
  • D. working capital
  • E. general reserve
View Answer & Discuss WAEC 1991
25
Which of the following statements is not true of a non-profit making organization?
  • A. income and expenditure account is prepared
  • B. income and expenditure account excludes accruals and prepayments
  • C. Income and expenditure account excludes capital receipts and capital payments
  • D. receipts and Payments account is a substitute for expenditure account
View Answer & Discuss WAEC 1991
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