Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 6:

• WAEC 2019

Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000
The prime cost is

A. $ 57,000
B. $45,000
C. $42,000
D. $39,000

Question 7:

• WAEC 2019

Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000

Factory overhead cost is

A. $25,000
B. $415,000
C. $12,000
D. $7,000

Question 8:

• WAEC 2019

Capital and drawings accounts are kept in the

A. General ledger
B. Purchases ledger
C. Sales ledger
D. Private ledger

Question 9:

• WAEC 2019

Set-off is carried out in the control account when

A. A business organization is both a customer and a supplier
B. Customers refuse to pay their debts
C. The debtors settle their accounts
D. Customers cheques are dishonoured

Question 10:

• WAEC 2019

An example of a nominal account is

A. Kofi and Ali Account
B. Plant and Machinery Account
C. Profit and loss account
D. Cash and bank account