Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1061:

• WAEC 2011

Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses

A. I, ii and iv
B. I, iii and vi
C. Iv, v and vi
D. Ii, iii and v

Question 1062:

• WAEC 2011

A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of

A. Commission
B. Original entry
C. Complete reversal of entry
D. Principle

Question 1063:

• WAEC 2011

John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's

A. Cash book and sals ledger
B. Nominal ledger and sales ledger
C. Cash book and purchases ledger
D. Nominal ledger and purchases ledger

Question 1064:

• WAEC 2011

The total value received by company as consideration for shares issued constitutes

A. Paid-up capital
B. Authorized capital
C. Working capital
D. Capital employed

Question 1065:

• WAEC 2011

Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Cost of production is

A. ₦10,000
B. ₦9,000
C. ₦8,000
D. ₦6,000