Waec Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 36:

• WAEC 1995

\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo's current account on 32st December, 1992 is

A. N66,500
B. N53,500
C. N51,500
D. N43,500

Question 37:

• WAEC 1995

Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 &\text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total basic salary for the period is

A. N1,368
B. N1,224,000
C. N1, 924,000
D. N1,020,000
E. N964,000

Question 38:

• WAEC 1995

Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total housing allowace for the period is

A. N404,000
B. N242,000
C. N204,000
D. 144,000
E. N132,000

Question 39:

• WAEC 1995

Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
Total transport allowance for the period is

A. N404,000
B. N242,000
C. N204,000
D. N144,000
E. N132,000

Question 40:

• WAEC 1995

Use the following information to answer the given question
The department of Administration of Odi Naka Chukwu State Water Corporation has underlisted staff position on 31st December, 1993
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline - & - & - & - \\ \text{Director of Audit} & 16 & 1 & \text{N200,000 x N20,000 - N3000,000} \\ \text{Assistant Director (Audit)} & 15 & 2 & \text{N160,000 x N18,000 - N268,000} \\ \text{Asst. Chief Internal Auditor} & 13 & 1 & \text{N140,000 x N12,000 - N224,000} \\ \text{Internal Auditor II} & 08 & 2 & \text{N60,000 x N6,000 - N120,000} \\ \text{Higher Executive Officer (Audit)} & 08 & 4 & \text{N60,000 x N6,000 - N120,000}\end{array}\)
NOTE: (a) All employees are on the first step of their salary
(b) \(\begin{array}{c|c} \text{Grade level} & \text{Housing allowance} & \text{Transport Allowance} \\ \hline \text{12 and above} & \text{N24,000 p.a} & \text{N18,000 p.a} \\ \text{07 to 11} & \text{N18,000 p.a} & \text{N12,000 p.a} \end{array}\)
The total emolument for the assistant directors is

A. N404,000
B. N242,000
C. N204,000
D. N144,000
E. N132,000