Waec Accounts - Principles of Accounts Past Questions and Answers

Question 116:

• WAEC 1991

Carriage outwards is accounting term for amount spent on

A. Goods purchased
B. Goods sold
C. Excess stock
D. Goods for production
E. Goods returned to stock

Question 117:

• WAEC 1991

In a manufacturing organization, which of the following expenses does not elate to cost of production?

A. Materials consumed
B. Direct labour
C. Direct overhead
D. Administration overhead
E. Work-in-progress

Question 118:

• WAEC 1991

The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?

A. N42,500
B. N40,500
C. N40,000
D. N38,000
E. N32,000

Question 119:

• WAEC 1991

Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases

A. I
B. Ii
C. Iii
D. I, ii and iii
E. I and ii

Question 120:

• WAEC 1991

The trading Account is usually headed

A. For the year ended............19 x 1
B. For............19 x 1
C. As.............19 x 1
D. As at.........19 x 1
E. ...................19 x 1