Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1446:

• WAEC 2019

The concept that recognizes revenue at the time of sale and not only when cash is received is

A. Cost concept
B. Realization concept
C. Accrual concept
D. Duality concept

Question 1447:

• WAEC 2019

Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000
The prime cost is

A. $ 57,000
B. $45,000
C. $42,000
D. $39,000

Question 1448:

• WAEC 2019

Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000

Factory overhead cost is

A. $25,000
B. $415,000
C. $12,000
D. $7,000

Question 1449:

• WAEC 2019

Capital and drawings accounts are kept in the

A. General ledger
B. Purchases ledger
C. Sales ledger
D. Private ledger

Question 1450:

• WAEC 2019

Set-off is carried out in the control account when

A. A business organization is both a customer and a supplier
B. Customers refuse to pay their debts
C. The debtors settle their accounts
D. Customers cheques are dishonoured