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Accounts - Principles of Accounts 2021 WAEC Past Questions

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26

A business includes 50% mark-up on all its products. This would mean margin of 

  • A. 66 2/3%
  • B. 66 1/3%
  • C. 33 2/3%
  • D. 33 1/3%
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Use the following information to answer this question
                                         GH¢
Gross profit                     50,400
Discounts relieved            3,300
Discounts allowed             2,500
Net profit                          26,500
Cost of goods sold         184,000

27

Sales for the period is

  • A. GH¢234,400
  • B. GH¢210,500
  • C. GH¢133,600
  • D. GH¢76,900
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28

Other operating expenses for the period is

  • A. GH¢27,300
  • B. GH¢25,700
  • C. GH¢24,700
  • D. GH¢23,900
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29

All cash transactions of a not-for-profit making organization are recorded in

  • A. three-column cash book
  • B. income and expenditure account
  • C. subscriptions account
  • D. receipts and payments account
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30

Subsidiary books of account are used to record transactions

  • A. made in the same period
  • B. of a similar nature
  • C. involving minor amounts
  • D. without source documents
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