Waec Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 6:

• WAEC 2002

Which of the following belongs to the normal ledger?

A. Salaries account
B. Fixtures account
C. Stock account
D. Debtors account

Question 7:

• WAEC 2002

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?

A. N34,500
B. N31,500
C. N28,500
D. N28,500

Question 8:

• WAEC 2002

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is

A. N68,700
B. N65,700
C. N62,700
D. N58,800

Question 9:

• WAEC 2002

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is

A. N42,300
B. N31,800
C. N28,800
D. N21,000

Question 10:

• WAEC 2002

Carriage inward expenses of a business is treated in

A. Trading account
B. Balance sheet
C. Appropriation account
D. Profit and loss account