Waec Accounts - Principles of Accounts Past Questions and Answers

Question 581:

• WAEC 2001

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Acid test ratio is

A. 1.8 : 1
B. 1.7 : 1
C. 1,5 : 1
D. 1.2 : 1

Question 582:

• WAEC 2001

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Gross profit is

A. N70,000
B. N60,000
C. N50,000
D. N40,000

Question 583:

• WAEC 2001

The Chief accounting officer of the federation is

A. Minister of Finance
B. Auditor General
C. Accountant general
D. Chief accountant

Question 584:

• WAEC 2001

Which of the following serve as the main Government Fund used to service all operations of the government?

A. General fund
B. Consolidated revenue fund
C. Consolidated reserve fund
D. Special fund

Question 585:

• WAEC 2001

Which of the government serves as an input, storage and output device of a computer?

A. Diskette
B. Keyboard
C. Monitr
D. Printer