Waec Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 11:

• WAEC 1997

Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The net book value at the time of sale was

A. N16,000
B. N14,000
C. N12,000
D. N8,000
E. N6,000

Question 12:

• WAEC 1997

Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was

A. N16,000
B. N14,000
C. N12,000
D. N8,000
E. N6,000

Question 13:

• WAEC 1997

Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The profit on sale was

A. N8.00
B. N7,000
C. N6,000
D. N5,000
E. N1,000

Question 14:

• WAEC 1997

In Manufacturing Account, prime cost plus factory overhead is known as

A. Conversion cost
B. Cost of raw materials consumed
C. Total cost
D. Production cost
E. Cost of work in progress

Question 15:

• WAEC 1997

Which of the following is an advantage of the impurest system?

A. Making hig profits in the business
B. Rewarding the imprest holder
C. Easy prearation of the final accounts
D. Meeting small items of expenditure
E. Enabling the Trial Balance to agree