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Accounts - Principles of Accounts Past Questions

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1776
Use the following to answer the given question
UCHENNA ENTERPRISES: Balance sheet as at 31st December, 1993
\(\begin{array}{c|c} & N & N & & N \\ \hline Capital & 84,000 & & \text{Land and building} & 45,000 \\ \text{Add net profit} & 15,000 & 99,000 & \text{Furniture and Fittings} & 34,000 \\ \text{Less drawings} & & 9,000 & Stock & 28,000 \\ & & \overline{90,000} & debtors & 22,000 \\ debtors Creditors & & 25,000 & cash & 1,000 \\ Accruals & & 15,000 & & \\ & & \overline{130,000} & & \overline{130,000} \end{array}\)
Working capital amounts to
  • A. N51,000
  • B. N50,000
  • C. N23,000
  • D. N22,000
  • E. N11,000
View Answer & Discuss WAEC 1996
1777
Which of the following is the effect of a reduction in the provision for doubtful debts?
  • A. reduction in net profit
  • B. reduction in cash balance
  • C. reduction in gloss profit
  • D. increase in gross profit
  • E. increase in net profit
View Answer & Discuss WAEC 1995
1778
Which of the following is the basis of accounting in the Civil Service?
  • A. accrual
  • B. cash
  • C. income
  • D. expenditure
  • E. profit
View Answer & Discuss WAEC 1995
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1779
The reward given to a debenture holder is called
  • A. profit
  • B. reserve
  • C. premium
  • D. dividend
  • E. interest
View Answer & Discuss WAEC 1995
1780
Which of the following is not a debit entry on a sales ledger control account?
  • A. goods sold
  • B. cash received
  • C. dishonoured cash
  • D. payment to debtors for claim
  • E. interest charges
View Answer & Discuss WAEC 1995
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