Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1066:

• WAEC 2011

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

A. ₦20.000
B. ₦20,8000
C. ₦19,200
D. ₦10,000

Question 1067:

• WAEC 2011

The going concern concept assumes that

A. Every transaction is represented by a debit and credit entry
B. The currency much not change
C. The firm is a legal entity
D. The business will continue to operate indefinitely

Question 1068:

• WAEC 2011

The first calculating machine in data processing was

A. Abacus
B. Pascal
C. Punched cards
D. Digital

Question 1069:

• WAEC 2011

Which of the following is not a purpose for which share premium may be utilized?

A. Issuing fully oaid bonus share
B. Writing off preliminary expenses
C. Settling salesman commission
D. Providing for redeemable preference shares

Question 1070:

• WAEC 2011

A debenture is

A. A loan capital raised by a company
B. Money gives to a company as a gift
C. Accuerd expenses
D. Share capital