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Accounts - Principles of Accounts 1995 WAEC Past Questions

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41
Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Balance as per bank statement} & 240 \\ \text{Amount paid in but not credited} & 192 \\ \text{Unpresented cheque} & 70 \end{array}\)
What is the balance as per Cash book?
  • A. N362
  • B. N310
  • C. N262
  • D. N240
View Answer & Discuss WAEC 1995
42
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
The cost of goods sold is
  • A. N45,000
  • B. N30,000
  • C. N25,000
  • D. N20,000
  • E. N15,000
View Answer & Discuss WAEC 1995
43
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 is
  • A. N45,000
  • B. N30,000
  • C. N25,000
  • D. N20,000
  • E. N15,000
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44
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Current ratio is
  • A. 16 : 1
  • B. 15 : 1
  • C. 8 : 1
  • D. 2 : 1
  • E. 0.5 : 1
View Answer & Discuss WAEC 1995
45
Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
Working capital is
  • A. N60,000
  • B. N45,000
  • C. N40,000
  • D. N35,000
  • E. N20,000
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