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WAEC Accounts (Principles of Accounts) questions: Final accounts of a sole trader

19 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Final accounts of a sole trader· WAEC

    Which of these is a current liability?

    Explanation and discussion

  2. Question 2· Final accounts of a sole trader· WAEC

    Which of these is charged to the trading account?

    Explanation and discussion

  3. Question 3· Final accounts of a sole trader· WAEC

    Net profit is transferred to the

    Explanation and discussion

  4. Question 4· Final accounts of a sole trader· WAEC

    Gross profit is ₦180,000, total expenses ₦95,000 and discount received ₦5,000. Find the net profit.

    Explanation and discussion

  5. Question 5· Final accounts of a sole trader· WAEC

    Carriage outwards is treated as

    Explanation and discussion

  6. Question 6· Final accounts of a sole trader· WAEC

    Fixed assets are arranged in the balance sheet usually in order of

    Explanation and discussion

  7. Question 7· Final accounts of a sole trader· WAEC

    Carriage inwards is charged to the

    Explanation and discussion

  8. Question 8· Final accounts of a sole trader· WAEC

    Opening inventory is ₦40,000, purchases ₦260,000 and closing inventory ₦55,000. Find the cost of sales.

    Explanation and discussion

  9. Question 9· Final accounts of a sole trader· WAEC

    Which item appears in the statement of financial position?

    Explanation and discussion

  10. Question 10· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000, purchases ₦20,000, closing stock ₦4,000. Cost of goods sold is

    Explanation and discussion

  11. Question 11· Final accounts of a sole trader· WAEC

    Gross profit is

    Explanation and discussion

  12. Question 12· Final accounts of a sole trader· WAEC

    Capital at start ₦40,000, net profit ₦10,000, drawings ₦6,000. Closing capital is

    Explanation and discussion

  13. Question 13· Final accounts of a sole trader· WAEC

    Sales ₦50,000, cost of sales ₦30,000, expenses ₦12,000. Net profit is

    Explanation and discussion

  14. Question 14· Final accounts of a sole trader· WAEC

    Carriage outwards is shown in the

    Explanation and discussion

  15. Question 15· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000; purchases ₦40,000; closing stock ₦7,000. Cost of goods sold is

    Explanation and discussion

  16. Question 16· Final accounts of a sole trader· WAEC

    Carriage inwards is treated in the

    Explanation and discussion

  17. Question 17· Final accounts of a sole trader· WAEC

    Sales ₦90,000; cost of sales ₦60,000; expenses ₦12,000. Net profit is

    Explanation and discussion

  18. Question 18· Final accounts of a sole trader· WAEC

    In the balance sheet, a bank overdraft is shown as

    Explanation and discussion

  19. Question 19· Final accounts of a sole trader· WAEC

    Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.

    Explanation and discussion

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