WAEC SSCE - Financial Accounting - 2017 (Objective)

Interest on partners drawings are debited in the
 

An organization purchased a piece of equipment for N112,000. It is expected to be used for 6 years then sold for N16,000. What is the annual amount of depreciation, if the straight-line method is used?

A credit purchase of N200 from P. Osae was posted to the account of P. Osei. This is an error of 

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,000. What is his profit figure? 

The accounts of Jute Enterprise in the books of a supplier will be a

Discount allowed on goods invoiced at N100,000 was calculated at the rate of 20% instead of 10%. The error is corrected by debiting 

Carriage outward expenses of a business are treated in the 

The production cost of a manufacturing firm is made up of 

In a manufacturing enterprise depreciation of plant is treated in the

Use the following information to answer the question below

Nzemaman Local Government incurred the following expenditure in the year 2015. 

Construction of market stalls 120,000
Staff salaries-------------------    40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles 
Purchase of equipment

Capital expenditure for the local government is 

A branch that keeps its own records prepares the records of transactions with the head office in the 

Share premium is classified in the balance sheet as 

A suspense account is used in the 

The accounting concept that provides that accounting statements should not be influenced by personal opinion is

The balance sheet equation shows

A disadvantage of single entry system of book-keeping is that 

The excess of the market value of goods produced over the cost of production is 

Donations to a club are 

Factory wages from part of 

Use the following information to answer the question below

Opening stock---------2,300
Purchases-------------11,874
Sales--------------------18,600
Closing stock-----------3,600
Cost of goods sold---11,500

The percentage of gross profit to sales is

Goodwill may be brought into the books when
 

Use the following information to answer the question below

Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000

The credit sales for the month is?

An amount set aside to meet expenses whose value is not certain is a 

Which of the following describes a trial balance? 
 

Which of the following accounts are found in the nominal ledger?
I. Advertising
ll.Motor repairs
lll. Additions to the motor vehicle

The claim on the assets of a business by outsiders is  

A reserve is an amount 

Where there is no agreement between the partners, the Partnership Act states that 

Which of the following accounts or statements is used to determine credit purchase figures in incomplete records?

Use the following information to answer the question below

Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000

The total sales for the month is?

In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of 

Account payable is classified as a

Customers use the financial position of a company to

When allotment of shares is made applicants for shares of a company become 

Which of the following items will appear in the Total Creditors Account? 

The prudence concept demands that 

A document sent by a bank to its current account customers detailing their transactions over a given period is

The accounting entries when goods are sold on credit at the branch are debit 

Working capital is the excess of

Use the following information to answer the question below

Nzemaman Local Government incurred the following expenditure in the year 2015. 

Construction of market stalls 120,000
Staff salaries-------------------    40,000
Purchase of stationery--------- - 9,000
Sinking of boreholes------------
Building of classrooms
Maintenance of vehicles 
Purchase of equipment 

Recurrent expenditure for the year is 

Which of the following is not a method of charging goods to the branch by its head office? 

Which of the following items will not be entered in the adjusted cash book? 

In departmental accounting, when goods are sent from one department to another for sale the transaction is treated as  

The cost of transporting purchased goods t0 the warehouse is charged to the 

A statement of affairs shows 

The effect on profit when the closing stock is understated is 

Use the following information to answer the question below

Use the following information to answer the question below

Opening stock---------2,300
Purchases-------------11,874
Sales--------------------18,600
Closing stock-----------3,600
Cost of goods sold---11,500

What is the rate of stock turnover?

The purpose of keeping Sales and Purchases Ledger Control Account is to 

The objective of a departmental accounts is to ascertain the 

If a petty cashier has a cash float of Le 39,000 and Le 37,500 is spent, he will be reimbursed with