Accounts - Principles of Accounts 2007 WAEC Past Questions

26

The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s

A. 66\(\frac{2}{3}\)%
B. 50%
C. 33\(\frac{1}{2}\)%
D. 25%

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27

In single entry and incomplete records, the net assets method used to ascertain profit is

A. net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
B. net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
C. net asset at the end of a period - net asset at the begining of a period - drawings
D. net asset at the end of a period + additional capital - drawings

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28

The assumption that a business has perpetual existence is recognized by

A. entity concept
B. periodicity concept
C. going-concern concept
D. realisation concept

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29

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

A. ₦5,750
B. ₦5,350
C. ₦400
D. ₦115

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30

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

A. ₦5,750
B. ₦5,350
C. ₦400
D. ₦115

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Accounts - Principles of Accounts 2007 WAEC Past Questions

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