Waec Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 31:

• WAEC 2003

The cost of raw materials consumed is determined in the Manufacturing Account as

A. Opening stock plus purchases less closing stock
B. Purcheses plus closing stock less opening stock
C. Cost of materials available plus closing stock
D. Cost of materials available less opening stock

Question 32:

• WAEC 2003

Rent owing by a business is shown in the

A. Trading account
B. Trial balance
C. Balance sheet
D. Cash book

Question 33:

• WAEC 2003

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

A. ₦262,000
B. ₦224,000
C. ₦221,000
D. ₦176,000

Question 34:

• WAEC 2003

Which of the following is an item of prime cost?

A. Royalities payable
B. Factory salaries
C. Depreciation of plant
D. Rent of factory building

Question 35:

• WAEC 2003

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\)
What was the cost of goods sold?

A. ₦170,000
B. ₦138,000
C. ₦130,000
D. ₦122,000