Waec Accounts - Principles of Accounts 1990 Past Questions and Answers

Question 6:

• WAEC 1990

Prime cost consist of

A. Factory cost and cost of material
B. Overhead cost and direct cost
C. Direct expenses, direct labour and direct material
D. Direct expenses and direct labour
E. Cost of sale factory cost and cost of materials

Question 7:

• WAEC 1990

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

A. N940
B. N1,460
C. N2,040
D. N3,060
E. N3,600

Question 8:

• WAEC 1990

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

A. N940
B. N1,460
C. N2,040
D. N3,060
E. N3,600

Question 9:

• WAEC 1990

Which of the following errors affects the trial balance?

A. Commission
B. Omission
C. Principle
D. Original entry
E. Lone entry

Question 10:

• WAEC 1990

The trial balance will show return outwards account N60. discount allowed account N100, respectively as

A. N60 credit, N100 credit
B. N60 credit, N100 debit
C. N60 debit, N100 debit
D. N61 debit, N100 credit
E. N160 credit, N60 credit