Waec Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 26:

• WAEC 2008

Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The net profit is

A. Le 42,200
B. Le 37,200
C. Le 32,200
D. Le 19,200

Question 27:

• WAEC 2008

Use the following information,
\(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,400 \\ \text{Purchases} & 168000\\ \text{Opening stock} & 20,100\\ \text{Closing stock} & 48,800 \\ \text{Carriage outwards} & 2400\\ \text{Carriage inwards} & 5,000\\ \text{Returns inwards} & 10,000\\ \text{Expenses} & 15,000\\ \text{Returns outwards} & 8,000\end{array}\)
The cost of goods sold is

A. Le 185,100
B. Le 139,200
C. Le 136,200
D. Le 131,200

Question 28:

• WAEC 2008

The class of shares to which payment of dividend depends on profit is

A. Forfeited shares
B. Ordinary shares
C. Bonus shares
D. Preference shares

Question 29:

• WAEC 2008

Payment for shares in installments is done by means of

A. Calls
B. Circulars
C. Subscription
D. Invitation

Question 30:

• WAEC 2008

Mark-up on goods sent to branch are recorded in the books by crediting

A. Stock adjustment account; debiting branch stock account
B. Goods sent to branch accounts; debiting branch stock account
C. Bank stock account; debiting stock adjustment account
D. Branch stock account; credit cash account