WASSCE FINANCIAL ACCOUNTING MAY/JUNE 2009 (SSCE WAEC MAY/JUNE 2009 FINANCIAL ACCOUNTING)
1. Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
A. sales day book
B. cash book
C. purchase day book
D. general journal
2. As a basis for assessing future usage, fixed assets are shown at
A. selling price
B. cost price
C. cost plus residual value
D. net book value
3. In the absence of an agreement, partners share profits
A. based on activeness of a partner
B. based on capital contribution
C. on patronage basis
D. on equal basis
4. Subscription prepared by members is recorded in the balance sheet of a club as a
A. current liability
B. current asset
C. fixed asset
D. long term liability
5. The reduction in value of an intangible asset is
A. depletion
B. depression
C. amortization
D. appreciation
6. Which of the following is not part of the cost of production
A. wages of operators
B. factory power
C. advertising
D. cost of raw materials
7. Rent is apportioned each department on the basis of
A. area or space occupied
B. equality
C. turnover
D. purchases
8. A document which acknowledge that a company owes a person a stated sum of money with an agreement to pay a fixed rate of interest periodically is
A. share certificate
B. allotment certificate
C. preference certificate
D. debenture certificate
Use the following information to answer 9 to 11
Use the following information to answer the given question
D
Purchase of raw materials 236,500
Returns of raw materials 4,750
Carriage on raw materials 44,000
Stock of raw materials at close 39,500
Factory fuel 150,000
Direct wages 205,000
Indirect wages 31,250
Factory power 105,000
Work-in-progress at start 32,500
9. What is the value of raw materials used?
A. D 270,500
B. D 286,250
C. D 255,000
D. D 236,250
10. What is the prime cost???
A. D 717,500
B. D 231,250
C. D 286,250
D. D 270,500
11. The total factory overhead is
A. D 318,750
B. D 286,250
C. D 255,000
D. D 236,250
12. "Financial statements do not a disclose all information users need to know about a firm" This is the concept of
A. consistency
B. money measurement
C. dual aspect
D. materiality
13. Which of the following is not a source of revenue for local government?
A. mining royalties
B. radio and TV licenses
C. tenement/property rates
D. business permit fee
14, A difference between the debit and credit totals in a trial balance is placed in
A. bank reconciliation statement
B. profit and loss account
C. suspense account
D. appropriate account
15. A three column cash book contains column for
A. cash, assets and liabilities
B. bank, cash and assets
C. cash, bank and return
D. discount, cash and bank
16. The total debtors account of trading concern is N13,000. out of this 2% is irrecoverable, 5% of the balance is not like to be collected. What is the provision for doubtful debts?
A. N910
B. N650
C. N637
D. N260
17. Which of the following is not part of factory overhead?
A. factory salaries
B. factory lighting and heating
C. depreciation of plant and machinery
D. depreciation of fixtures and fixing
18. Cost of extension to a factory building is classified as
A. capital receipt
B. revenue expenditure
C. capital expenditure
D. revenue receipt
19. Which of the following does not appear in a bank statement?
A. dividend received
B. bank charges
C. uncredited cheques
D. dishonoured cheques
20. The purchase of a typewriter for office use for ₦2,000 is debited to
A. creditors
B. bank account
C. purchases account
D. equipment account
21. The document making a public offer for the sale of a company's share is
A. memorandum of association
B. articles of association
C. prospectus
D. certificate of registration
22. Programs installed in computers to facilitate processing of data are
A. hardwares
B. software
C. magnetic tapes
D. diskettes
23. In a not for profit making organization, the excess of income over expenditure is
A. added to capital
B. added to accumulated fund
C. deduced from capital
D. deducted from accumulated fund
Use the following information to answer question 24 to 26
The authorized capital of city entertainment company is made up of 200,000, 2½ preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid.
The director decided to pay the preference dividend and recommended ordinary divided Le 0.10 per share.
24. What is the amount of preference dividend payable for the year?
A. Le 600,000
B. Le 500,000
C. Le 3,00,000
D. Le 5,000
25. What is the amount of the share premium?
A. Le 9,000,000
B. Le 500,000
C. Le 3,000,000
D. Le 2,400,000
26. The value of the ordinary share capital to be stated in the balance sheet is
A. Le 9,000,000
B. Le 7,200,000
C. Le 4,800,000
D. Le 4,000,000
27. The petty cash book has
A. a debit balance only
B. a credit balance only
C. a nill balance only
D. both debit and credit balances
28. Credit sales was debited to A. Akpan instead of B. Akpan. This is an error of
A. principle
B. original entry
C. omission
D. commission
Use the following to answer question 29 amd 30
A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000
29. The net profit or loss on the sale was
A. D 40,000 profit
B. D 4,000 profit
C. D 4,000 loss
D. D 40,000 loss
30. The net book value at the time of sales is
A. D 64,000
B. D 60,000
C. D 40,000
D. D 36,000
31. A service which a firm has enjoyed, but has not yet been paid for is
A. accrued expense
B. preliminary expense
C. prepaid expense
D. overhead expense
32. Which of the following is not part of the double entry system?
A. trading account
B. profit and loss account
C. appropriation account
D. balance sheet
33. In the balance sheet, the balance on the provision for Depreciation Account shown as
A. addition to fixed assets
B. deduction from fixed assets
C. addition to capital
D. deduction from current liabilities
34. S. Sule sets aside from his private funds ₦20.000 for business purpose . The ₦20.000 is referred to as
A. drawings
B. capital
C. loan
D. profit
35. An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?
A. ₦2,250
B. ₦2,160
C. ₦1,800
D. ₦1,440
36. Which of the following are Personal Accounts?
i. wages
ii. debtors
iii. creditors
iv. buildings
A. i,ii and iii only
B. ii and iii only
C. ii and iv only
D. iii and iv only
37. Prepayment is treated in the balance sheet of firm as a
A. fixed asset
B. long-term liability
C. current asset
D. current liability
38. Which of the following is found in a Sales Ledger Account?
A. credit purchases
B. bill payable
C. discount received
D. discount allowed
39. The authority of the Accountant-General to disburse from government fund is
A. provision
B. warrant
C. vote
D. estimate
Use the following information to answer question 40
40. Total withdrawal is
A. ₦3,500
B. ₦2,500
C. ₦2,000
D. ₦1,000
41. The depreciation on plant acquired by a manufacturing company is treated as
A. prime cost
B. administrative expenses
C. factory overhead
D. selling and distribution expenses
42. As evidence of payment to a government treasury, revenue collectors issue
A. treasury card
B. receipt voucher card
C. treasury receipt
D. payment voucher
43. Hardware in data processing refers to
A. programs runs on the computer
B. entry and storage of information on computer
C. microsoft disc operating system
D. mechanical components of the computer
44. Which of the following is a self-balancing account?
A. capital
B. interst on capital
C. drawings
D. share of profit
45. A medium of imputing data into the computer is through the use of the
A. keyboard
B. monitor
C. software
D. hardware
46. Which of the following is debited to partner's current account?
A. capital
B. interest on capital
C. drawings
D. share of profit
Use the following information to answer question 47 and 48
Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania's books, to record the payment of ₦30,505 cr.40,005 by Abu
47. Abu’s balance at the end of the month is
A. ₦30,505 cr.
B. ₦9,505 cr.
C. ₦9,505 dr.
D. ₦30,500 dr.
48. In Dania’s books to record the payment of. ₦40,005 by Abu
A. debit cash account, credit Abu's account
B. debit Abu's account, credit cash account
C. debit cash account, credit sales account
D. debit sales account, credit cash account,
49. A debenture holder is a
A. creditor
B. promoter
C. debtor
D. shareholder
50 .A stock as a form of capital of a company comprises
A. tons of merchandise
B. units of goods
C. units of shares
D. bundles of wares