Waec Accounts - Principles of Accounts Past Questions and Answers

Question 516:

• 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 prime cos?

A. N19,000
B. N18,000
C. N17,500
D. N17,000

Question 517:

• WAEC 2000

The vote book in Public Sector Accounting is used to

A. Register the names of voters
B. Control expenditure
C. Control government policy
D. Record revenue accuring to the government

Question 518:

• WAEC 2000

The accounting entry for depreciation at the end of each year is to debit

A. Provision for depreciation account and credit machinery account
B. Provision for depreciation account and credit profit and loss account
C. Trading account abd credit provision for depresiation account
D. Manufacturing account and credit provision for depreciation account

Question 519:

• WAEC 2000

An account is said to have a debit balance because

A. The first entry made in it is on its debit side
B. There aer more entries on the debit side than on the credit side
C. Total value of debit entries is more than total value of credit entries
D. There is no entry at all on the dbit side

Question 520:

• WAEC 2000

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?

A. N9,000
B. N5,500
C. N3,500
D. N2,000