Waec Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 11:

• WAEC 2013

Use the following information
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?

A. 1.87 : 1
B. 1 : 1.87
C. 1 : 2
D. 2 : 1

Question 12:

• WAEC 2013

Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is

A. ₦ 740,000
B. ₦ 580,000
C. ₦ 370,000
D. ₦ 280, 000

Question 13:

• WAEC 2013

\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)
The returns on capital employed is

A. 17.2%
B. 16.2%
C. 15.2%
D. 11.2%

Question 14:

• WAEC 2013

The double entry principle states that

A. Every debit entry must have a corresponding credit entry
B. Every credit entry must have a corresponding double entry
C. Every debit must must have a corresponding double entry
D. Every assets must have a corresponding liability

Question 15:

• WAEC 2013

Which of the following is a nominal account?

A. Machinery account
B. Drawings account
C. Debtors account
D. Wages account