WAEC SSCE - Financial Accounting - 2012 (Objective)

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
The amount of working capital is

Capital receipt is collected

An increases in the provision for doubtful debts results is a\an

A balance sheet shows only

The portion of authorized capital that has been allotted to subscribers

Which of the following is not the purpose of a control account?

The sales ledger control account is also referred to as

Which of the following is not an input device?

A loss made on the disposal of a fixed assets is debited to

which of the following is a component of prime cost?

\(\begin{array}{c|c} & Le\\ \hline \text{Construction and hospital wards} & 300,000\\ \text{purchase of hospital beds} & 40,000 \\ \text{salaries and wages}& 80,000\\ \text{Purchase of drugs} & 55,000\\ \text{purchases of x-ray machine} & 150,000\end{array}\)
The amount of recurrent expenditure was

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

Which of the following is not a source document?

The excess of value of assets over the purchase consideration on acquisition of a business is credited to

Which of the following is a book of ordinary entry?

The process of entering transaction from one book to another is

Which of the following is a trading account item?

Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are

Which of the following is not a revenue to a local government?

Which of the following is an example of factory overheads?

If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is

Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

The addition of prime cost and factory overhead is

Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\\ \text{Creditors} & 8,000\\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\\ & & & \text{Total 65,000}\end{array}\)
Working capital ratio is

The double entry to record the proceeds on disposal of assets in debit

Which of the following is a form of memorandum of association

An underwriter for a company's share is paid

Which of the following is not part of the central processing unit of a computer?

Which of the following is not found in the personal ledger?

Use the following information to answer the given question
\(\begin{array} {c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The liability is

Osa started business with Le 40,000 cash. The accounting entry is debit

The equivalent of income and expenditure account in a trading concern is

Which of the following is not an item in the profit and loss account?

When closing stock is overstated, it would reduce,

Use the following information to answer the given question
\(\begin{array}{c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The capital is

Rent accrued in 2009 was D140, in 2010, D900 was paid while D160 was outstanding. Rent for 2010 was

Administrative, selling and distribution expenses in a manufacturing firm are recorded in

The term used to denote the capital of a not-for-profit making organization is

The objectively of accounting information is enable users to

Which of the following is not prepared by a partnership?

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

Use the following information to answer the given question
\(\begin{array}{c|c} & Le\\ \hline \text{Construction and hospital wards} & 300,000\\ \text{purchase of hospital beds} & 40,000 \\ \text{salaries and wages}& 80,000\\ \text{Purchase of drugs} & 55,000\\ \text{purchases of x-ray machine} & 150,000\end{array}\)
Capital expenditure for the year was

Branch stock account is used to determine the

Trade discounts are given for