Waec Accounts - Principles of Accounts Past Questions and Answers

Question 511:

• WAEC 2000

Profit expressed as a fraction of the selling price is known as

A. Mark-up
B. Margin
C. Gross profit
D. Net profit

Question 512:

• WAEC 2000

In computing, ALU stands

A. Accounting logic unit
B. Arithmetic logic unit
C. Access logic unit
D. Additional liability unit

Question 513:

• WAEC 2000

Which of the following is not a petty cash book item? purchase of

A. Atationery
B. Postage stamps
C. Cutlass for gardners
D. Machinery

Question 514:

• WAEC 2000

use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of raw materials consumed?

A. N18,500
B. N16,000
C. N15,000
D. N12,500

Question 515:

• WAEC 2000

use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of production?

A. N19,000
B. N18,500
C. N15,000
D. N12,500