WAEC Accounting Past Questions & Answers - Page 232

1,156.

Profit expressed as a fraction of the selling price is known as

A.

Mark-up

B.

Margin

C.

Gross profit

D.

Net profit

Correct answer is B

No explanation has been provided for this answer.

1,157.

In computing, external storage is called

A.

Backing storage

B.

Logging storage

C.

Primary storage

D.

Extra storage

Correct answer is A

No explanation has been provided for this answer.

1,158.

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under

 

A.

Current liability

B.

Current asset

C.

Long term liability

D.

Fixes asset

Correct answer is A

No explanation has been provided for this answer.

1,160.

When a buyer is undercharged, the seller forwards

A.

A debit note

B.

A credit note

C.

An undercast note

D.

A payment receipt

Correct answer is A

No explanation has been provided for this answer.