Waec Accounts - Principles of Accounts Past Questions and Answers

Question 471:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is

A. N203,000
B. N180,000
C. N140,000
D. N88,000

Question 472:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?

A. 4 : 1
B. 3 : 1
C. 2 : 1
D. 1 : 1

Question 473:

• WAEC 1999

A suspense Account is used to

A. Recoed difference in the books until errors are located
B. Accumulate debit and credit balances
C. Accomodate debit balances of profit statements
D. Record accounts of the general ledger

Question 474:

• WAEC 1999

The purpose of the trading account is to ascertain

A. Carriage outwards
B. Gross profit
C. Distribution expenses
D. Net profit

Question 475:

• WAEC 1999

A trial Balance is the

A. Narration of all transactions and accounts
B. Debit balances of the accounts
C. List of all balances extracted from the ledger
D. List of all credit balances in the ledger