Accounts Principles Of Accounts 2003 Waec Past Questions and Answers

Question 36 :

• WAEC 2003

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\)
What was the gross profit?

A. ₦8,000
B. ₦50,000
C. ₦42,000
D. ₦10,000

Question 37 :

• WAEC 2003

The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If provision is to at \(\frac{1}{2}\)% of debtors, how much would be charged in the profit and loss account?

A. ₦3,500
B. ₦2,500
C. ₦1,500
D. ₦1,000

Question 38 :

• WAEC 2003

Which of the following source documents is used for recording goods and returned to suppliers?

A. Invoice
B. Waybill
C. Debit note
D. Credit note

Question 39 :

• WAEC 2003

In which of the following is purchase of fixed assets on credit first recorders?

A. Purchases journal
B. Journal proper
C. Cash book
D. General ledger

Question 40 :

• WAEC 2003

In which ledger is the account of yao, a debtor found?

A. Norminal ledger
B. Purchases ledger
C. General ledger
D. Sales ledger