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Accounts - Principles of Accounts 2022 WAEC Past Questions

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46

Use the following information to answer below

  GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000


 


The gross profit percentage is

  • A. 10%
  • B. 20%
  • C. 25%
  • D. 15%
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47

Use the following information to answer below

  GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000


 


Stock turnover ratio is

  • A. 3.78 times
  • B. 3.56 times
  • C. 4 times
  • D. 3.2 times
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48

A set of rules and procedures guiding the operations of a partnership is called partnership

  • A. code
  • B. business
  • C. seal
  • D. deed
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49

Subscription in advance is treated in the balance sheet under

  • A. long-term liabilities
  • B. current liabilities
  • C. accumulated fund
  • D. current assets
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50

Items shown in the balance sheet as asset includes

  • A. debit balance on drawings account
  • B. debit balance on a customer's account
  • C. credit balance on the capital's account
  • D. credit balance on a supplier's account
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