Waec Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 11:

• WAEC 2009

Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 3105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
What is the prime cost???

A. D 717,500
B. D 231,250
C. D 286,250
D. D 270,500

Question 12:

• WAEC 2009

Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 3150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
The total factory overhead is

A. D 318,750
B. D 286,250
C. D 255,000
D. D 236,250

Question 13:

• WAEC 2009

"Financial statements do not a disclose all information users need to know about a firm" This is the concept of

A. Consistency
B. Money measurement
C. Dual aspect
D. Materiality

Question 14:

• WAEC 2009

Which of the following is not a source of revenue for local government?

A. Mining royaltyies
B. Radio and TV licences
C. Tenement/property rates
D. Business permit fee

Question 15:

• WAEC 2009

A difference between the debit and credit totals in a trial balance is placed in

A. Bank reconciliation statement
B. Profit and loss account
C. Suspense account
D. Appropriate account