Accounts Principles Of Accounts 1996 Waec Past Questions and Answers

Question 16 :

• WAEC 1996

The purpose of a trading account is to ascertain

A. Sales
B. Gross profit or loss
C. Net profit or loss
D. Carriage outwarrds
E. Appropriated profit

Question 17 :

• WAEC 1996

which of the following is not an Appropriation account item for a company?

A. Inerest on drawings
B. Proposed dividends
C. Interim dividends
D. Provision for taxation
E. General reserve

Question 18 :

• WAEC 1996

Factory wages are always entered into the

A. Sales account
B. Manufacturing account
C. Profit ans loss account
D. Trading account
E. Trading account

Question 19 :

• WAEC 1996

The payee of a cheque is the

A. Drawer's banker
B. Drawee's banker
C. Person naned to receive the amount on the cheque
D. Bank cashier
E. Drawer

Question 20 :

• WAEC 1996

Which of the following is no part of prime cost of production?

A. Cost raw materials
B. Carriage on raw materials
C. Direct expenses
D. Direct wages
E. Depreciation of factory equipment