Waec Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 41:

• WAEC 2000

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

A. N9,100
B. N7,850
C. N7,750
D. N6,500

Question 42:

• WAEC 2000

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

A. N15,000
B. N14,750
C. N14,600
D. N14,450

Question 43:

• WAEC 2000

The capital of not-for profit making organization is

A. Capital reserve fund
B. Accumulated fund
C. Endowment fund
D. Development fund

Question 44:

• WAEC 2000

Which of the following is used in locating errors in the ledger?

A. Trading account
B. Trial balance
C. Control account
D. Journal proper

Question 45:

• WAEC 2000

A reserve is an amount

A. To be paid to creditors
B. Set out of profit for future use
C. For paying dividends
D. Recovered from debts earlier written off