Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 31:

• WAEC 1991

Which of the following is not a liability?

A. Accrued wages
B. Creditor
C. Prepayment
D. Insurance due but unpaid
E. Rent arrears

Question 32:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to

A. N10,000
B. N8,000
C. N7,000
D. N6,900
E. N5,000

Question 33:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is

A. N10,100
B. N10,000
C. N9,200
D. N9,100
E. N7,000

Question 34:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is

A. N2,800
B. N2,525
C. N2,500
D. N2000
E. N1,750

Question 35:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to

A. N12,625
B. N12,000
C. N11,300
D. N11,200
E. N10,100