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Accounts - Principles of Accounts 1994 WAEC Past Questions

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16
Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued
  • A. N3,460
  • B. N5,620
  • C. N14,170
  • D. N16,330
  • E. N18,490
View Answer & Discuss WAEC 1994
17
The excess of current assets over current liabilities is
  • A. fixed capital
  • B. registered capital
  • C. nominal capital
  • D. paid-up capital
  • E. working capital
View Answer & Discuss WAEC 1994
18
Rate of stock turnover is defined as
  • A. purchases over stock
  • B. cost of goods available for sale over total of opening and closing stock
  • C. cost of goods available for sale ovet total of opening and closing stock
  • D. cost of goods sold over total opening and closing stock
  • E. cost of goods sold over average stock
View Answer & Discuss WAEC 1994
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19
Which of the following is not true of a partnership business without written agreement?
  • A. profit and losses will shared equally
  • B. interest not to be paid on capital
  • C. interest on drawings is to be at the rate 5% per annum
  • D. salaries are not allowed to partners
  • E. money in excess of capital agreed to subscribe is to attract an interest of 5% per annum
View Answer & Discuss WAEC 1994
20
Creditors at start was N940 and purchases for the year was N4,060. During the year, cash paid to creditors was N3,890. N490 was received as discount. What is the creditors amount in the balance sheet?
  • A. N450
  • B. N620
  • C. N660
  • D. N1,110
  • E. N1,430
View Answer & Discuss WAEC 1994
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