Accounts - Principles of Accounts 2015 WAEC Past Questions

26

Which of the following is a not revealed by a firm's accounting records?

A. Profit of a period
B. Quality of labour force
C. Credit worthiness
D. Value of assets

View Answer & Discuss WAEC 2015

27

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Opening capital is

A. D5,660
B. D5,060
C. D4,460
D. D2,960

View Answer & Discuss (1) WAEC 2015

28

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Closing capital is

A. D8,100
B. D7,400
C. D6,700
D. D5,200

View Answer & Discuss WAEC 2015

29

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Net profit for the year is

A. D12,260
B. D3,740
C. D2,440
D. D2,040

View Answer & Discuss WAEC 2015

30

In the balance sheet of a social club, subscription owing is treated as a

A. Current liability
B. Current asset
C. Tangible asset
D. Long term liability

View Answer & Discuss WAEC 2015

Accounts - Principles of Accounts 2015 WAEC Past Questions

Subjects

Sign In