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Accounts - Principles of Accounts 2018 WAEC Past Questions

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16

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10%  and cash discount is 10% within 30 days and 5% within 60 days.

The amount payable if payment is made on the 40th day is...........

  • A. 88,920
  • B. 84,240
  • C. 80,028
  • D. 72,025
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17

An amount of Le2000 received from a customer, Koffi has been credited to another customer, Kofigo's account. This is an error of?

  • A. principle
  • B. commission
  • C. original entry
  • D. complete reversal
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18

The current assets less current liabilities is

  • A. working capital
  • B. capital employed
  • C. fluctuating capital
  • D. fixed capital
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19

A debit balance of N420 on the purchase ledger control account means that as at that date............

  • A. trade creditors have been paid by N420
  • B. trade creditors are owed N420
  • C. goods returned to trade creditors amounted to N420
  • D. total supplies from trade creditors amounted to N420
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20

Sales and purchases ledger are used in a business to keep records of?

  • A. the owner's capital and cash transactions
  • B. accounts of individual customers and suppliers
  • C. current assets and fixed assets
  • D. current liabilities and long term liabilities
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