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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
1631
Which of the following is a source of the local government Revenue?
  • A. personal income tax
  • B. sales of armed forces property
  • C. repayment (state)
  • D. repayment (Interest and General)
  • E. market rates
View Answer & Discuss WAEC 1998
1632
The accountant general disburses government fund by the use of
  • A. a voucher
  • B. a warrant
  • C. an estimate
  • D. a vote
  • E. aa provision
View Answer & Discuss WAEC 1998
1633
Carriage inwards are included on goods
  • A. on display
  • B. sold
  • C. in process
  • D. purchases
  • E. on return
View Answer & Discuss WAEC 1998
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1634
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The gross profit percentage is
  • A. 67%
  • B. 55%
  • C. 50%
  • D. 45%
  • E. 33%
View Answer & Discuss WAEC 1998
1635
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The net profit percentage is
  • A. 100%
  • B. 67%
  • C. 50%
  • D. 33%
  • E. 17%
View Answer & Discuss WAEC 1998
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