Waec Model Questions Vol1 2022 Financial Accounting Question 42

Practice objective / multiple choice question 42 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 42 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

The following information is extracted from the profit‑and‑loss statement of XYZ Ltd for the year ended 31 December 2022: - Sales revenue: ₦500,000 - Cost of goods sold: ₦300,000 - Salaries expense: ₦80,000 - Net profit: ₦30,000 It is also known that the Rent expense is twice the Interest expense. Determine the amounts of Rent expense and Interest expense.

Answer Options

A. Rent Expense ₦45,000; Interest Expense ₦15,000
B. Rent Expense ₦90,000; Interest Expense ₦45,000
Correct Answer C. Rent Expense ₦60,000; Interest Expense ₦30,000
D. Rent Expense ₦30,000; Interest Expense ₦60,000
Correct Answer
C
Correct Option:
Rent Expense ₦60,000; Interest Expense ₦30,000

About This Question

This is Waec Model Questions Vol1 2022 Financial Accounting Question 42. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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