Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 21:

• WAEC 2016

Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The depreciable value of computers is

A. Le 80,000
B. Le 96,000
C. Le 100,000
D. Le 104,000

Question 22:

• WAEC 2016

Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The total costs of the computers is

A. Le 80,000
B. Le 96,000
C. Le 100,000
D. Le 104,000

Question 23:

• WAEC 2016

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

A. I and II only
B. I and III only
C. I, II and III only
D. I,II and IV only

Question 24:

• WAEC 2016

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

A. Current assets
B. Fixed assets
C. Current liabilities
D. Long term liabilities

Question 25:

• WAEC 2016

Use the following information to answer this question.
Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211
The credit purchases is

A. D 161,841
B. D 156,986
C. D 134,673
D. D 132,200