WAEC SSCE - Financial Accounting - 2018 (Objective)

The excess of assets over liabilities in a not for profit organization is--------------

A fall in the value of a fixed asset due to technological changes is described as?

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

Use the following information to answer the question that follows

Prime cost of production is?

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

The surplus for the year is-----------

A reduction n price to encourage prompt payment is........

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

Cost of goods sold is calculated as...................

Use the following information to answer the question below

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

Credit sales for 2016 is?

A credit entry is made in the plant and machinery account for the ......................

The apportionment of the cost of a fixed asset to the profit and loss account is termed?

Investors in a business are mainly interested in firm's--------

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

The total income received for the year is...........

The wages of an office cleaner is classified as

The consistency concept aims at?

A debit balance of N420 on the purchase ledger control account means that as at that date............

Entries in the purchase journal are transferred to the .............

Use the following information to answer the question below

Taiwo's share of profit is------

The current assets less current liabilities is

Credit notes received are source documents for.........

The basis of apportionment of insurance on building in departmental accounts is--------

Which of the following activities will increase profits?

The balance on the sales ledger control account at the end of the accounting year represents a total.........

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Net book value of fixed assets is----

Interim dividend paid in the year is--------

Which of the following transactions is a revenue expenditure?

Use the following information to answer the question below

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

Credit purchase for 2016 is?

The concept which states that revenue is recognized when goods are sold is

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Equity holders fund is-------------

Use the following information to answer the question below

Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is---------------

The authority to incur expenditure in the public sector is-------------

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10%  and cash discount is 10% within 30 days and 5% within 60 days.

The amount payable if payment is made on the 40th day is...........

Which of the following items is found on the debit side of the trial balance?

Under the cost method in branch accounting, branch gross profit is disclosed in the-------

Sales and purchases ledger are used in a business to keep records of?

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit------

One of the components of factory overhead is............

A document forwarded to a supplier showing unsatisfactory goods is................................

An event that will not require a change in the profit-sharing ratio of partners in a firm is when

One of the characteristics of useful accounting information is--------

The process of distributing shares to successful applicants is------.

 ''Below the line'' item in public sector accounting means such an item is--------

The parties who are paid last in the event of winding-up are

An amount of Le2000 received from a customer, Koffi has been credited to another customer, Kofigo's account. This is an error of?

The amount set aside out of profits to strengthen the financial position of the business is

The concept that implies that a business will operate for an indefinitely long period of time is...............

Use the following information to answer the question that follows

The total cost of production is

The claim of a proprietor of a business entity on its assets is................

In a manufacturing account, royalties paid

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10%  and cash discount is 10% within 30 days and 5% within 60 days.

The cash discount allowed on the 50th day is?