Waec Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 26:

• WAEC 2017

Use the following information to answer the question below
Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000
The credit sales for the month is?

A. 36,000
B. 31,000
C. 20,000
D. 30,000

Question 27:

• WAEC 2017

The excess of the market value of goods produced over the cost of production is

A. Profit on manufacturing
B. Net profit
C. Goodwill
D. Gross profit

Question 28:

• WAEC 2017

Factory wages from part of

A. Administration cost
B. Selling and distribution cost
C. Overhead cost
D. Prime cost

Question 29:

• WAEC 2017

The production cost of a manufacturing firm is made up of

A. Indirect materials
B. Factory overheads and prime cost
C. Direct materials and wages
D. Factory overheads and directs materials

Question 30:

• WAEC 2017

In a manufacturing enterprise depreciation of plant is treated in the

A. Trading account
B. Profit be and loss account
C. Manufacturing account
D. Appropriation account