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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1521
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Percentage of net profit to sales is
  • A. 40%
  • B. 30%
  • C. 20%
  • D. 10%
View Answer & Discuss WAEC 2001
1522
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Acid test ratio is
  • A. 1.8 : 1
  • B. 1.7 : 1
  • C. 1,5 : 1
  • D. 1.2 : 1
View Answer & Discuss (1) WAEC 2001
1523
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Gross profit is
  • A. N70,000
  • B. N60,000
  • C. N50,000
  • D. N40,000
View Answer & Discuss WAEC 2001
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1524
The Chief accounting officer of the federation is
  • A. Minister of Finance
  • B. Auditor General
  • C. Accountant general
  • D. chief accountant
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1525
Which of the following serve as the main Government Fund used to service all operations of the government?
  • A. General fund
  • B. consolidated revenue fund
  • C. consolidated reserve fund
  • D. special fund
View Answer & Discuss WAEC 2001
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