Waec Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 21:

• WAEC 2010

Where records maintained are inadequate to facilitate the preparation of a trading and profit and loss accounts, this is described as

A. Cost accounting
B. Bookkeeping
C. Incomplete records
D. Double entry

Question 22:

• WAEC 2010

Bad debts written off is shown as

A. Debit in the sales ledger
B. Debit in the purchases ledger
C. Credit in the sales ledger
D. Credit in the purchases ledger

Question 23:

• WAEC 2010

The balance of the sales ledger control account represents

A. Total sales
B. Total credit sales
C. Total creditors
D. Total debtors

Question 24:

• WAEC 2010

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The value of raw material consumed is

A. ₦121,440
B. ₦119,390
C. ₦111,190
D. ₦101,190

Question 25:

• WAEC 2010

Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is

A. ₦152,190
B. ₦199,190
C. ₦169,190
D. ₦146,190