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Accounts - Principles of Accounts Past Questions

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1571
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is
  • A. N10,350
  • B. N10,200
  • C. n9,500
  • D. N9,100
View Answer & Discuss (1) WAEC 2000
1572

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net profit is

  • A. N9,100
  • B. N7,850
  • C. N7,750
  • D. N6,500
View Answer & Discuss (1) WAEC 2000
1573
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net sales is
  • A. N15,000
  • B. N14,750
  • C. N14,600
  • D. N14,450
View Answer & Discuss WAEC 2000
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1574
The capital of not-for profit making organization is
  • A. capital reserve fund
  • B. accumulated fund
  • C. endowment fund
  • D. development fund
View Answer & Discuss WAEC 2000
1575
Which of the following is used in locating errors in the ledger?
  • A. trading account
  • B. trial balance
  • C. control account
  • D. journal proper
View Answer & Discuss WAEC 2000
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now