Waec Accounts - Principles of Accounts 1989 Past Questions and Answers

Question 31:

• WAEC 1989

Factory cost consists of

A. Direct material and factory overhead
B. Direct labour and direct expenses
C. Direct labour and factory overhead
D. Direct6 materials, direct labour, direct expenses and factory overhead
E. Direct expenses and factory overhead

Question 32:

• WAEC 1989

The term bad debt means

A. A debt written on bad receipts
B. Debt owed by a bad person
C. Debt that can not be collected
D. Overcharge on a debtors account
E. Debt paid with bad currency notes

Question 33:

• WAEC 1989

a subsidiary record is a book

A. Found in the ledger
B. Of subsidiary entries
C. Of original entry
D. Containing the final accounts
E. Of final entry

Question 34:

• WAEC 1989

Which of the following does not belong to the group?

A. A proprietor of a business
B. An entrepreneur
C. An investor
D. A debtor
E. A creeditor

Question 35:

• WAEC 1989

Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\)
The amount of N7,630 represents

A. Total credit sales
B. Total of all the debtors of the firm
C. The total sales for the month
D. Cash sales only
E. The double entry for the total of the sales account