WAEC SSCE - Financial Accounting - 2019 (Objective)

Quick ratio is calculated as X-y:z, where

The net book value of the machine as at 31st December 2017 was

A feature of government accounting is that the

Use the following information to answer the question below

April 11: Sold goods for cash N50,000 
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000 
April 28: Cash sales N49,000
April 29: Cash purchases N11,000
April 30: Paid salaries N18,000

The cash balance at the end of the period is

Sulah took two textile materials worth N500 from his business for his children's use. This would be treated as 

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.

Netprofit was 100,000

Ogah's share of profit was

Use the following information to answer the question below

Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000

The prime cost is 

The mark-up on a product is 2/3. The margin is 

Use the following information to answer the question below

Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The working capital is

Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error of

A quality of accounting information is that it should be
 

Where fixed capital account is maintained, partners Share of profit is transferred to the 

Subscription owing $ 6,000 (31/12/2014);
Subscription in advance $ 4,000 (31/12/2014);
Cash received as subscription during the year was $ 80,000.
 

The subscription for the year 2014 was?

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.

Netprofit was 100,000

Ajem's current account balance was

Use the following information to answer the question below

Opening capital ---10,800
Drawings----------- 2,500
Trade creditors ----2,560
Trade debtors ------2,880
Cash in hand -------1,000
Net profit------------- 6,000

The closing capital is

ln a not-for-profit organization, the accumulated fund is

The document used to correct an undercharge on an invoice is

Use the following information to answer question below

April 11:Sold goods for cash N50,000 
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000 
April 28: Cash sales N49,000
April 29: Cash purchases N11,000 
April 30: Paid salaries N18,000 

Total cash receipts for the period is 

The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of N2.00 each. The amount of dividend declared is 

Use the following information to answer questions the question below

Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

What was the purchase for 2017

Debtors Control Account is kept in the 

The concept which seeks to prevent profits from being overstated is 

Use the following information to answer the question below

A firm bought a lathe machine for Le 45,600 on 1s January 2015. The life span was estimated to be 20 years while scrap at the end of the period was valued at Le 1,600. It was to be depreciated by the fixed installment method.

 The depreciation per annum is 

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit

The partner whose liability goes beyond his capital is a 

The primary concern of shareholders in a business is the 

In a single-entry accounting, purchases are ascertained using a

When closing stock is undervalued, the cost of goods sold would be 

Goodwill is recognized in partnership when 

Interest on drawings amounted to 

When bank charges are deducted from a customer's account, the balance on the bank statement would be

The concept that recognizes revenue at the time of sale and not only when cash is received is 

Set-off is carried out in the control account when 

Uncredited cheques refer to cheques not yet credited
 

In public sector accounting, salaries of employees are classified as 

Where there is provision for depreciation, fixed asset is shown in the balance sheet at

i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

An example of a nominal account is

Interim dividend paid in a year is 

Use the following information to answer questions the question below

Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was?

To show the evidence of payment to a government ministry, the revenue collector issues a 

Capital and drawings accounts are kept in the 

An effect of increase in the provision for depreciation is 

Companies issue shares to the public in order to 

Use the following information to answer the question below

Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000

Factory overhead cost is 

When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a