Waec Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 26:

• WAEC 2011

The total value received by company as consideration for shares issued constitutes

A. Paid-up capital
B. Authorized capital
C. Working capital
D. Capital employed

Question 27:

• WAEC 2011

Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Cost of production is

A. ₦10,000
B. ₦9,000
C. ₦8,000
D. ₦6,000

Question 28:

• WAEC 2011

Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is

A. ₦20.000
B. ₦20,8000
C. ₦19,200
D. ₦10,000

Question 29:

• WAEC 2011

The going concern concept assumes that

A. Every transaction is represented by a debit and credit entry
B. The currency much not change
C. The firm is a legal entity
D. The business will continue to operate indefinitely

Question 30:

• WAEC 2011

The first calculating machine in data processing was

A. Abacus
B. Pascal
C. Punched cards
D. Digital