Waec Accounting Past Questions For Year 2013
Question 11
Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is
- A. ₦ 740,000
- B. ₦ 580,000
- C. ₦ 370,000
- D. ₦ 280, 000
Question 12
Use the following information
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?
- A. 1.87 : 1
- B. 1 : 1.87
- C. 1 : 2
- D. 2 : 1
Question 13
Which of the following is not a book of original entry?
- A. cash book
- B. purchases ledger returns
- C. returns outwards journal
- D. general journal
Question 14
Which of the following is recorded on the debit side of the Trial Balance?
- A. bank overdrafted
- B. returns outwards
- C. purchases
- D. capital
Question 15
A business is treated as being separated from owners. This statement is emphasized by
- A. consistency concept
- B. realization concept
- C. going concern concept
- D. business entity concept
