Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 26:

• WAEC 2007

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is

A. ₦14,078
B. ₦10,290
C. ₦8,520
D. ₦3,554

Question 27:

• WAEC 2007

The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s

A. 66\(\frac{2}{3}\)%
B. 50%
C. 33\(\frac{1}{2}\)%
D. 25%

Question 28:

• WAEC 2007

In single entry and incomplete records, the net assets method used to ascertain profit is

A. Net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
B. Net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
C. Net asset at the end of a period - net asset at the begining of a period - drawings
D. Net asset at the end of a period + additional capital - drawings

Question 29:

• WAEC 2007

The assumption that a business has perpetual existence is recognized by

A. Entity concept
B. Periodicity concept
C. Going-concern concept
D. Realisation concept

Question 30:

• WAEC 2007

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

A. ₦5,750
B. ₦5,350
C. ₦400
D. ₦115