Waec Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 41:

• WAEC 2004

The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is

A. Subvention
B. Budgett
C. Deposit
D. Estimates

Question 42:

• WAEC 2004

A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?

A. N360,000
B. N200,000
C. N160,000
D. N40,000

Question 43:

• WAEC 2004

Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?

A. N80,000
B. N75,000
C. N55,000
D. N35,000

Question 44:

• WAEC 2004

Which of the following is not correct?
\(\begin{array}{c|c} Assets & Liabilities & Capital\\ N & N & N \\ \hline \text{A. 95,550} 11,500 & 82,000 \\ \text{B. 82,000} & 28,000 & 54,000\\ \text{C. 78,500} & 12,500 & 66,000\\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)

A. A
B. B
C. C
D. D

Question 45:

• WAEC 2004

Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?

A. N76,000
B. N72,000
C. N70,000
D. N60,000