Waec Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 11:

• WAEC 2012

The addition of prime cost and factory overhead is

A. Total factory overheads
B. Market value of goods produced
C. Cost of goods produced
D. Work-in-progress

Question 12:

• WAEC 2012

Capital receipt is collected

A. On sales of motor vehicle
B. On sales of stock in trade
C. From trade debtors
D. From trading activities

Question 13:

• WAEC 2012

Which of the following is an example of factory overheads?

A. Salary of marketing officer
B. Salary of production officer
C. Salary of accounting officer
D. Wages of machine operator

Question 14:

• WAEC 2012

Osa started business with Le 40,000 cash. The accounting entry is debit

A. Cash account; credit capital account
B. Capital account; credit cash account
C. Purchases account; credit cash account
D. Expenses account; credit capital account

Question 15:

• WAEC 2012

Branch stock account is used to determine the

A. Net value of goods sent to branch
B. Gross profit of the branch
C. Branch credit sales
D. Branch net profit or loss