Waec Accounts - Principles of Accounts Past Questions and Answers

Question 671:

• WAEC 2003

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

A. ₦262,000
B. ₦224,000
C. ₦221,000
D. ₦176,000

Question 672:

• WAEC 2003

Which of the following is an item of prime cost?

A. Royalities payable
B. Factory salaries
C. Depreciation of plant
D. Rent of factory building

Question 673:

• WAEC 2003

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\)
What was the cost of goods sold?

A. ₦170,000
B. ₦138,000
C. ₦130,000
D. ₦122,000

Question 674:

• WAEC 2003

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\)
What was the gross profit?

A. ₦8,000
B. ₦50,000
C. ₦42,000
D. ₦10,000

Question 675:

• WAEC 2003

The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If provision is to at \(\frac{1}{2}\)% of debtors, how much would be charged in the profit and loss account?

A. ₦3,500
B. ₦2,500
C. ₦1,500
D. ₦1,000