Waec Accounts - Principles of Accounts Past Questions and Answers

Question 726:

• WAEC 2004

A unit of company's capital which can be bought is

A. Shares
B. Interest
C. Asset
D. Property

Question 727:

• WAEC 2004

Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is

A. N6,900
B. N5,900
C. N4,500
D. N3,500

Question 728:

• WAEC 2004

Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is

A. N4,500
B. N1,350
C. N450
D. N400

Question 729:

• WAEC 2004

Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is

A. N8,450
B. N6,050
C. N5,600
D. N2,850

Question 730:

• WAEC 2004

An expense is said to be revenue in nature if it

A. Adds or contributes to the operating income of the business
B. Reduces the capital of the business
C. Necessitates the introduction of additional capital
D. Adds to or mproves the value of fixed assets