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Accounts - Principles of Accounts 1995 WAEC Past Questions

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46
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Net profit percentage is
  • A. 100%
  • B. 67%
  • C. 50%
  • D. 33%
  • E. 22%
View Answer & Discuss WAEC 1995
47
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Gross profit percentage is
  • A. 100%
  • B. 67%
  • C. 50%
  • D. 33%
  • E. 22%
View Answer & Discuss WAEC 1995
48
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
'X' refers to
  • A. stock
  • B. returns
  • C. discount
  • D. sales
  • E. purchases
View Answer & Discuss WAEC 1995
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49
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
How much is the figure for bank?
  • A. N20,000
  • B. N17,000
  • C. N16,800
  • D. N12,000
  • E. N8,000
View Answer & Discuss WAEC 1995
50
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
  • A. current asset
  • B. current liability
  • C. fixed asset
  • D. fictitious asset
  • E. long term liability
View Answer & Discuss WAEC 1995
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