Financial Past Questions And Answers
Use the information below to answer the question
| Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d | Dept A ₦ 6,000 1,800 ? 600 ? 6,000 | Dept B ₦4,000 1,200 ? ?1,600 4,000 | Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000 |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
The depreciation to be charged to department B is
- A. ₦500
- B. ₦300
- C. ₦400
- D. ₦600
List five users of accounting information and state their respective interest in the accounting information
View Discussion (0)WAEC 2023 THEORYUse the information below to answer questions 17 and 18.
Opening balance.............................N10,640
Purchases...................................N26,912
Returns inwards.............................N492
Returns outwards............................N810
Cash discount received......................N1,348
Cash discount allowed.......................N1,560
Cash paid to suppliers......................N20,808
At the year end, the purchases ledger showed a debit balance of N108.
The total on the debit side of the purchases ledger control account will be?
- A. N22,966
- B. N22,156
- C. N21,834
- D. N21054
Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?
- A. N12 800
- B. N4900
- C. N8200
- D. N9500
Which of the following is not an advantage of control account?
- A. difficulty in committing fraud
- B. it can be used to detect missing figure
- C. helps to determine profit and loss
- D. helps in locating errors
An outright sale of a partnership amounts to the?
- A. compensation of vendors by the purchase
- B. admission of a new partner
- C. purchase of rights of a dead partner
- D. change of sharing ratio of vendors
The accumulation fund of a non-trading concern can equally be referred to as?
- A. members' equity
- B. share capital
- C. general fund
- D. surplus fund
Income and expenditure account is more informative than receipts and payments account because it discloses?
- A. cash
- B. cheques
- C. debtors
- D. stocks
Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank. What is his expected balance?
- A. Credit balance of N 200,000
- B. Debit balance of N 200,000
- C. credit balance of N 3 200,000
- D. Debit balance of N3 200,000
Which of the following is not a capital reserve?
- A) Share premium
- B) Revaluation reserve
- C) Sinking fund redemption reserve
- D) Retained profit