WAEC Accounting Past Questions & Answers

486.

Use the following to answer the given question

BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)

What is the equity capital?

A.

N100,000

B.

N120,000

C.

N160,000

D.

N180,000

E.

N220,000

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

487.

Use the following to answer the given question

BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)

What is the net total of assets

A.

N178,000

B.

N180,000

C.

N208,000

D.

N220,000

E.

N248,000

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

488.

Use the following to answer the given question

BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)

What is the ratio pf debentures to equity?

A.

1 : 1

B.

2 : 1

C.

3 : 1

D.

5 : 2

E.

6.8 : 7

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

489.

Use the following to answer the given question

BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \\ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \\ Reserve & 20,000 & \text{Motor van} & 68,000 \\ & 180,000 & Stock & 14,000 \\ \text{10% Debentures} & 40,000 & Debtors & 36,000 \\ Creditors & 25,000 & Prepyments & 1,800 \\ \text{Accrued Rent} & 3,000 & bank & 18,200 \\ Total & N248,000 & & N248,000 \end{array}\)

What is the current ratio?

A.

1 : 1

B.

1 : 2

C.

3 : 1

D.

5 : 2

E.

6.8 : 7

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

490.

Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211

The credit purchases is

A.

D161,841

B.

D156,986

C.

D134,673

D.

D132,200

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

WAEC Accounting Past Questions & Answers - Page 98

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