Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 21:

• WAEC 1991

In a manufacturing organization, which of the following expenses does not elate to cost of production?

A. Materials consumed
B. Direct labour
C. Direct overhead
D. Administration overhead
E. Work-in-progress

Question 22:

• WAEC 1991

The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?

A. N42,500
B. N40,500
C. N40,000
D. N38,000
E. N32,000

Question 23:

• WAEC 1991

Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases

A. I
B. Ii
C. Iii
D. I, ii and iii
E. I and ii

Question 24:

• WAEC 1991

The trading Account is usually headed

A. For the year ended............19 x 1
B. For............19 x 1
C. As.............19 x 1
D. As at.........19 x 1
E. ...................19 x 1

Question 25:

• WAEC 1991

The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as

A. Cosolidated fund
B. Recurrent fund
C. Accumulated fund
D. Working capital
E. General reserve