Waec Accounts - Principles of Accounts Past Questions and Answers

Question 446:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?

A. N8,500
B. N6,625
C. N6,500
D. N6,000

Question 447:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

A. N3,375
B. N2,625
C. N2,000
D. N1,875

Question 448:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

A. N6,000
B. N3,250
C. N2,000
D. N1,250

Question 449:

• WAEC 1999

Which of the following is a contra entry?

A. Lodgement of cheques into bank account
B. Loggement of cash in hand into bank account
C. Withdrawal of cash for private use
D. Treatment of discount receivd in the cash book

Question 450:

• WAEC 1999

Profit expressed as a proportion of cost price is

A. Gross profit
B. Mark-up
C. Margin
D. Profit percentage