Accounts - Principles of Accounts 1996 WAEC Past Questions

36

Which of the following is not a debit entry in the Bought Ledger?

A. cash
B. discount received
C. purchases
D. returns outeards
E. bills payable

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37

Discount allowed is a charge made against

A. trading account
B. profit and loss acount
C. approration account
D. current account
E. nominal account

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38

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?

A. N17,300
B. N17,000
C. N15,000
D. N14,700
E. N12,000

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39

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total net assets?

A. N17,300
B. N17,000
C. N15,000
D. N14,700
E. N12,000

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40

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
Total liabilities amount to

A. N17,000
B. N14,700
C. N12,300
D. N7,000
E. N4,700

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Accounts - Principles of Accounts 1996 WAEC Past Questions

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