Waec Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 46:

• WAEC 2001

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Acid test ratio is

A. 1.8 : 1
B. 1.7 : 1
C. 1,5 : 1
D. 1.2 : 1

Question 47:

• WAEC 2001

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Gross profit is

A. N70,000
B. N60,000
C. N50,000
D. N40,000

Question 48:

• WAEC 2001

The Chief accounting officer of the federation is

A. Minister of Finance
B. Auditor General
C. Accountant general
D. Chief accountant

Question 49:

• WAEC 2001

Which of the following serve as the main Government Fund used to service all operations of the government?

A. General fund
B. Consolidated revenue fund
C. Consolidated reserve fund
D. Special fund

Question 50:

• WAEC 2001

Which of the government serves as an input, storage and output device of a computer?

A. Diskette
B. Keyboard
C. Monitr
D. Printer