Waec Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 36:

• WAEC 2000

How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?

A. N1,250
B. N1,200
C. N1,000
D. N250

Question 37:

• WAEC 2000

Which of the following accounts has a debit balance?

A. Capital reserve
B. Revenue reserve
C. Share premium
D. Share discount

Question 38:

• WAEC 2000

a list of all credit and debit balance from the ledger accounts is

A. Trial balance
B. Profit and loss statement
C. Statement of affairs
D. Balance sheet

Question 39:

• WAEC 2000

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is

A. N5,350
B. N5,150
C. N4,500
D. N4,250

Question 40:

• WAEC 2000

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is

A. N10,350
B. N10,200
C. N9,500
D. N9,100