Past Questions And Answers
Which of the following countries is the leading producer of petroleum?
- A. Algeria
- B. Libya
- C. Egypt
- D. Gabon
the Central Bank's expansionary monetary policy is justified at a period?
- A. when the inflation rate is high and the economic is experiencing a boom
- B. of economic depression accompanied by low capacity utilization
- C. when trade unions are clamouring for higher wages
- D. when price of crude petroleum is rising
Which of the following is responsible for carrying oiut the monetary policy of a country?
- A. The Ministry of Finance
- B. international Monetary Fund
- C. Internal Revenue Board
- D. The Central Bank
The two boxers were neck and neck up till the sixth round but in the seventh and final round, the bigger onelost ground
- A. could no longer stand on his feet
- B. failed to maintain his position
- C. was beaten
- D. became dizzy
A simple pendulum of length 0.4m has a period of 2s. What is the period a similar pendulum of length 0.8m at the same place?
- A. 8s
- B. 4s
- C. 2√2s
- D. √2s
a. The following is the trial balance of Abete Trading Company as at 31st December 2020:
| Le | Le | |
Depreciation of fixed assets | 9,260 | |
Stock as 1st January 2020 | 3,600 | |
Purchases and sales | 100,000 | 174,000 |
General expenses | 170,00 | |
Fixed assets | 42,600 | |
Returns | 2,400 | 4,800 |
Discounts | 400 | 2,000 |
Salaries and wages | 21,000 | |
| Suspense account | 3,060 | |
| 190,060 | 190,060 |
Additional information
(i) Stock in hand on 31st December 2020 was Le 4,000
(ii) Investigation revealed the following errors which necessitated the opening of suspense account:
- Drawings of Le 1,000 was posted to salaries and wages account
- Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300
- Purchases day book was undercast by Le 2,000
- Discount allowed of Le 200 to a customer had not been posted to the customer's account
(iii) Depreciation of fixed assets is 10% per annum.
You are required to:
Correct the errors through journal entries (no narration is required).
b. The following is the trial balance of Abete Trading Company as at 31st December 2020:
View Discussion (0)WAEC 2023 THEORYReceipt and payment account discloses?
- A. debtors
- B. creditors
- C. prepayment
- D. depreciation
Nigeria's interest in teaming up with other developing countries in the world is predicated on
- A. her desire to consume more manufactured goods
- B. her desire to produce more raw materials
- C. preserving her independence and promoting development
- D. getting a permanent seat in the United Nations Security Council
Brass is an alloy containing copper and
- A) zinc
- B) tin
- C) aluminum
- D) silver
Which of the following is not an asset held for the short term?
- A) cash
- B) inventories
- C) trade receivables
- D) computers

