Waec Accounts - Principles of Accounts Past Questions and Answers

Question 721:

• WAEC 2004

When both debit and credit entries in respect of a transaction are made in the same ledger account, this is

A. A ledger entry
B. An accounting entry
C. A folio entry
D. A contra entry

Question 722:

• WAEC 2004

Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is

A. N105,000
B. N95,000
C. N50,000
D. N15,000

Question 723:

• WAEC 2004

Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is

A. N1,175,000
B. N1,140,000
C. 1,075,000
D. N1,060,000

Question 724:

• WAEC 2004

Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is

A. N1,175,000
B. N1,140,000
C. N1,075,000
D. N1,060,000

Question 725:

• WAEC 2004

The price paid by an acquiring company is

A. Conversion fee
B. Premium
C. Sales consideration
D. Purchases consideration