FINANCIAL ACC 101

ANSWERS TO REVISION QUESTIONS

Hello World, Happy Holiday to you all and Happy Friday and Happy Weekend. Its alot of Happy Points for Us this Season Guyz. Lolz- Hope this Holiday is Fun for You and All Your Loved Ones. It is Well in Jesus Name. Well for some weeks now, we have dealt solely on revision Questions gotten from WAEC Past Questions and Today we will try to Answer them, Hope you all tried them cos thats the only way you can truly be sure of your performance. Alright Let's get Started.........

1.  B- Cash book.     

        

2. B- Current Liability.

3. D- On Equal Basis.

4. A- Current Liability.

5. C- Amortization.

6. C- Advertising.

7. A- Area or Space Occupied.

8. D- Debenture Certificate.

9. D- Materiality.

10. A- Mining Royalties.

11. C- Suspense Account.

12. D- Discount, Cash and Bank.

13. D- Depreciation of Fixtures and Fittings.

14. C- Capital Expenditure.

15. C- Uncredited Cheque.

16. D- Equipment Account.

17. C- Prospectus.

18. B- Software.

19. B- Added to Accumulated Fund.

20. C- A Nil Balance only.

21. D- Commission.

22. A- Accrued Expense.

23. D- Balance Sheet.

24. B- Deduction from Fixed Assets.

25. B- Capital.

26. A- N2, 250

Margin 20%= to Mark - Up

 1/5= 1/4 = 25%

Selling Price= 125% x 1, 800= 2, 250.

27. B- II & III only.

28. C- Current Assets.

29. D- Discount Allowed.

30. B- Warrant.

31. C- Factory Overhead.

32. C- Treasury Receipt.

33. D- Mechanical Components of the Computer.

34. D- Control Account.

35. D- Hardware.

36. C- Drawings.

37. A- Creditor.

38. C- Units of Shares.

39. D- Increase in Net Profit.

40. B- Cash.

41. A- Interest.

42. C- Compensation.

43. A- Current Assets over Current Liabilities.

44. D- Retained Earnings.

45. C- Trial Balance.

46. B- Budget.

47. C- Vendor's Account and Credit Cash Account.

NOTE: THE ANSWERS IN THIS POST ARE CULLED FROM WAEC 1995 & 2009 PAPERS. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and I hope you got some correctly but if not keep at it, practice would make you Perfect and Flawless. Have a Blessed Day and Remember You are Amazing. God Bless.