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WAEC Accounts (Principles of Accounts) questions: Incomplete records

15 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· Incomplete records· WAEC

    Sales are ₦100,000 and the margin is 20%. Gross profit is

    Explanation and discussion

  2. Question 2· Incomplete records· WAEC

    Cost of sales is ₦60,000 and mark-up is 25%. Sales are

    Explanation and discussion

  3. Question 3· Incomplete records· WAEC

    Single entry is

    Explanation and discussion

  4. Question 4· Incomplete records· WAEC

    Incomplete records are common among

    Explanation and discussion

  5. Question 5· Incomplete records· WAEC

    A statement of affairs is used to find

    Explanation and discussion

  6. Question 6· Incomplete records· WAEC

    Single entry is a system in which

    Explanation and discussion

  7. Question 7· Incomplete records· WAEC

    Capital at the start ₦100,000; at the end ₦130,000; drawings ₦20,000; additional capital ₦10,000. Net profit is

    Explanation and discussion

  8. Question 8· Incomplete records· WAEC

    A trader's assets total ₦70,000 and liabilities ₦25,000. Using a statement of affairs, his capital is

    Explanation and discussion

  9. Question 9· Incomplete records· WAEC

    A statement of affairs is prepared to find

    Explanation and discussion

  10. Question 10· Incomplete records· WAEC

    Capital at start ₦30,000, capital at end ₦45,000, drawings ₦5,000, no new capital. Profit is

    Explanation and discussion

  11. Question 11· Incomplete records· WAEC

    Sales are ₦240,000 and the gross margin is 25% of sales. Find the cost of sales.

    Explanation and discussion

  12. Question 12· Incomplete records· WAEC

    Cost of goods sold is ₦60,000 and the mark-up is 25% on cost. Sales are

    Explanation and discussion

  13. Question 13· Incomplete records· WAEC

    Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.

    Explanation and discussion

  14. Question 14· Incomplete records· WAEC

    Sales are ₦80,000 and the margin is 25% on sales. Gross profit is

    Explanation and discussion

  15. Question 15· Incomplete records· WAEC

    A trader adds 25% to cost. Cost of sales is ₦160,000. Find the sales.

    Explanation and discussion

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