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Accounts - Principles of Accounts 2022 WAEC Past Questions

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6

Use the following information to answer questions below

A trader bought goods worth #16,000 and sold three-quarter of it for #20,000

The gross profit is

  • A. #4,000
  • B. #8,000
  • C. #12,000
  • D. #6,000
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7

Use the following information to answer questions below

A trader bought goods worth #16,000 and sold three-quarter of it for #20,000

The margin would be

  • A. 1/2
  • B. 1/5
  • C. 2/5
  • D. 2/3
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8

A unit of a company capital is?

  • A. debenture
  • B. stock
  • C. premium
  • D. share
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9

An increase in provision for doubtful debts would result in

  • A. decrease in net profit
  • B. increase in net profit
  • C. decrease in gross profit
  • D. increase in gross profit
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10

Resources owned and controlled by a business are classified as

  • A. assets
  • B. capital
  • C. liabilities
  • D. drawings
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts