Waec Accounts - Principles of Accounts 1996 Past Questions and Answers

Question 41:

• WAEC 1996

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
Total liabilities amount to

A. N17,000
B. N14,700
C. N12,300
D. N7,000
E. N4,700

Question 42:

• WAEC 1996

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
The working capital is

A. N10,000
B. N9,700
C. N7,300
D. N7,000
E. N2,700

Question 43:

• WAEC 1996

Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Cost of sales is

A. N10,000
B. N9,500
C. N5,800
D. N5,300
E. N5,200

Question 44:

• WAEC 1996

Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Net sales is

A. N14,100
B. N14,000
C. N13,500
D. N12,900
E. N9,300

Question 45:

• WAEC 1996

Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\)
Gross profit is

A. N8,300
B. N8,200
C. N7,700
D. N7,600
E. N7,100