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Accounts - Principles of Accounts 1999 WAEC Past Questions

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31
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is
  • A. N203,000
  • B. N180,000
  • C. N140,000
  • D. N88,000
View Answer & Discuss WAEC 1999
32
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
  • A. 4 : 1
  • B. 3 : 1
  • C. 2 : 1
  • D. 1 : 1
View Answer & Discuss WAEC 1999
33
A suspense Account is used to
  • A. recoed difference in the books until errors are located
  • B. accumulate debit and credit balances
  • C. accomodate debit balances of profit statements
  • D. record accounts of the general ledger
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34
The purpose of the trading account is to ascertain
  • A. carriage outwards
  • B. gross profit
  • C. distribution expenses
  • D. net profit
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35
A trial Balance is the
  • A. narration of all transactions and accounts
  • B. debit balances of the accounts
  • C. list of all balances extracted from the ledger
  • D. list of all credit balances in the ledger
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts