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Accounts - Principles of Accounts 2000 WAEC Past Questions

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41
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net sales is
  • A. N15,000
  • B. N14,750
  • C. N14,600
  • D. N14,450
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42
The capital of not-for profit making organization is
  • A. capital reserve fund
  • B. accumulated fund
  • C. endowment fund
  • D. development fund
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43
Which of the following is used in locating errors in the ledger?
  • A. trading account
  • B. trial balance
  • C. control account
  • D. journal proper
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44
A reserve is an amount
  • A. to be paid to creditors
  • B. set out of profit for future use
  • C. for paying dividends
  • D. recovered from debts earlier written off
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45
The document which authorizes the Minister of Finance to release fund for government expenditure is
  • A. a warrant
  • B. a bank cheque
  • C. an order
  • D. a vote book
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