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Accounts - Principles of Accounts 1998 WAEC Past Questions

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16
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
  • A. N68,300
  • B. N57,000
  • C. N40,300
  • D. N39,500
  • E. N34,000
View Answer & Discuss WAEC 1998
17
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
  • A. N56,5000
  • B. N40,300
  • C. N39,500
  • D. N28,000
  • E. N22,000
View Answer & Discuss WAEC 1998
18
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
  • A. N52,2000
  • B. N51,200
  • C. N48,300
  • D. N39,500
  • E. N28,000
View Answer & Discuss WAEC 1998
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19
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
  • A. N119,500
  • B. N90,000
  • C. N80,000
  • D. N79,200
  • E. N68,300
View Answer & Discuss WAEC 1998
20
Accounts payable is
  • A. an accrual
  • B. a provisin
  • C. a current liability
  • D. a long-term liability
  • E. a current asset
View Answer & Discuss WAEC 1998
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