Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 21:

• WAEC 2020

An example of a real account is

A. Computer Repairs Account
B. Computer Insurance Account
C. Office Computer Account
D. Depreciation of Computer Account

Question 22:

• WAEC 2020

A non-cash expense chargeable against profit and loss account is

A. Insurance payable
B. Debenture interest.
C. Provision for doubtful debts
D. Rent and rates

Question 23:

• WAEC 2020

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as


A. Direct labour
B. Direct expenses
C. Direct materials
D. Factory overhead

Question 24:

• WAEC 2020

Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.


The value of the closing stock of finished goods in the trading account is?

A. D37,800
B. D 20,000
C. D19,800
D. D 18,000.

Question 25:

• WAEC 2020

Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.


The value of the closing stock of finished goods that would be shown in the balance sheet is

A. D37,800
B. D 20,000
C. D 19,800
D. D 18,000