Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1401:

• WAEC 2017

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,000. What is his profit figure?

A. N900,000
B. N864,000
C. N840,000
D. N180,000

Question 1402:

• WAEC 2017

Use the following information to answer the question below
Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000
The credit sales for the month is?

A. 36,000
B. 31,000
C. 20,000
D. 30,000

Question 1403:

• WAEC 2017

The excess of the market value of goods produced over the cost of production is

A. Profit on manufacturing
B. Net profit
C. Goodwill
D. Gross profit

Question 1404:

• WAEC 2017

Factory wages from part of

A. Administration cost
B. Selling and distribution cost
C. Overhead cost
D. Prime cost

Question 1405:

• WAEC 2017

The production cost of a manufacturing firm is made up of

A. Indirect materials
B. Factory overheads and prime cost
C. Direct materials and wages
D. Factory overheads and directs materials