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Accounts - Principles of Accounts 1998 WAEC Past Questions

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6
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The gross profit percentage is
  • A. 67%
  • B. 55%
  • C. 50%
  • D. 45%
  • E. 33%
View Answer & Discuss WAEC 1998
7
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The net profit percentage is
  • A. 100%
  • B. 67%
  • C. 50%
  • D. 33%
  • E. 17%
View Answer & Discuss WAEC 1998
8
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The working capital is
  • A. 48,000
  • B. N33,000
  • C. N28,000
  • D. N25,000
  • E. N10,000
View Answer & Discuss (1) WAEC 1998
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9
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is
  • A. 4.0 times
  • B. 3.6 times
  • C. 3.3 times
  • D. 2.0 times
  • E. 1.8 times
View Answer & Discuss WAEC 1998
10
Which of the following is n asset?
  • A. bad debt provision
  • B. rent in arrears
  • C. sales
  • D. accrued wages
  • E. insurance prepaid
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