WAEC SSCE - Financial Accounting - 2020 (Objective)

The document which serves as the authority to incur expenditure in the public sector is 

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is
 

A partner who contributes capital but does not participate in the day-to-day running of the business is 

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

The document which contains the internal regulations of a limited liability company is the 

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively. The debtor's payment period would be

A method of charging depreciation at a fixed percentage of the net book value is 

The accounting concept which distinguishes an enterprise from its owners is 

Use the following information to answer the question below

Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

The double entry for interest on drawings by a partner is: debit 

Use the following information to answer the questions below

A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods that would be shown in the balance sheet is

Recognition of profit when goods are sold and the buyer takes ownership of them is in line with
 

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit 

Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2.000

The amount of sales is

The excess of net assets acquired over purchase consideration is 

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date

The cash paid by Kwamenah was 

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be 

A non-cash expense chargeable against profit and loss account is 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum's Current Account is

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as
 

Use the following information to answer the question below

Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The net figure for debtors in the balance sheet is 

Eze introduces his private car into his business. The aspect of the accounting equation of the business that would be affected are

When bank charges are discovered in a bank statement, the adjustment is effected in the 

A debit entry in a fixed asset account represents 

An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is 

Use the following information to answer the questions below

A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.

The value of the closing stock of finished goods in the trading account is?

A debit balance of N420 on the purchases ledger control account means that the 

In a situation of incomplete records, profit is determined as 

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be 

The accounting equation of a business shows the
 

Use the following information to answer the question below

Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The provision for doubtful debts to be charged to the Profit and Loss Account is

The internal users of accounting information are the

Doe and Sons Limited would enter the 3% discount in the 

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date.

Kwamenah would record the 10% discount in the
 

The purpose of preparing a trading account is to ascertain 

A computer set bought for150,000 was disposed of for N45,000 after some years of use. The profit on disposal was 7,500. Accumulated depreciation at the time of disposal was 

An example of a real account is 

Income received in advance is treated in the balance sheet as a 

Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards 
 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is