Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 46:

• WAEC 2005

Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was

A. N21,000
B. N90,000
C. N60,000
D. N30,000

Question 47:

• WAEC 2005

The part of the C.P.U used for the processing of data is

A. Monoru unit
B. Arithmetic and logic unit
C. Output unit
D. Input unit

Question 48:

• WAEC 2005

Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as

A. Current liabilities
B. Current assets
C. Long-term liabilities
D. Capital

Question 49:

• WAEC 2005

Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are

A. Debit drawings account, credit purchases account
B. Debit purchases account, credit sales account
C. Debit sales avvount, credit drawings account
D. Debit drawings account, credit sales account