Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1176:

• WAEC 2013

Which of the following is not part of prime cost of production?

A. Depreciation of factory equipment
B. Direct expenses
C. Direct wages
D. Carriage on raw materials

Question 1177:

• WAEC 2013

At the end of trading period, cost of goods sold is debited to the trading account while cost of services is debited to the

A. Balance sheet
B. Manufacturing account
C. Tradding account
D. Profiy and loss account

Question 1178:

• WAEC 2013

Stock account is a type of

A. Nominal account
B. Personal account
C. Real account
D. Fixed assets account

Question 1179:

• WAEC 2013

Excess of current assets over current liabilities is

A. Deferred capital
B. Nominal capital
C. Working capial
D. Authorized capital

Question 1180:

• WAEC 2013

a statement showing a trader's financial position as at a particular date is an

A. Trading account
B. Profit and loss account
C. Balance sheet
D. Appropriation account