Accounts - Principles of Accounts 2007 WAEC Past Questions

36

Which of the following bases of accounting does not make allowance for depreciation?

A. cash basis
B. accrual basis
C. matching basis
D. commitment basis

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37

Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Total assets is

A. ₦240,000
B. ₦220,000
C. ₦200,000
D. ₦180,000

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38

Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Current ratio is

A. 4 : 1
B. 3 : 1
C. 2 : 1
D. 1 : 1

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39

Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Quick ratio is

A. 4 : 1
B. 3 : 1
C. 2 : 1
D. 1 : 1

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40

Which of the following is not used for determining working capital?

A. cash
B. debtors
C. motor vehicles
D. overdraft

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Accounts - Principles of Accounts 2007 WAEC Past Questions

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