Waec Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 6:

• WAEC 1998

Carriage inwards are included on goods

A. On display
B. Sold
C. In process
D. Purchases
E. On return

Question 7:

• WAEC 1998

Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The gross profit percentage is

A. 67%
B. 55%
C. 50%
D. 45%
E. 33%

Question 8:

• WAEC 1998

Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The net profit percentage is

A. 100%
B. 67%
C. 50%
D. 33%
E. 17%

Question 9:

• WAEC 1998

Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The working capital is

A. 48,000
B. N33,000
C. N28,000
D. N25,000
E. N10,000

Question 10:

• WAEC 1998

Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is

A. 4.0 times
B. 3.6 times
C. 3.3 times
D. 2.0 times
E. 1.8 times