Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1521:

• WAEC 2020

Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.


The value of the closing stock of finished goods in the trading account is?

A. D37,800
B. D 20,000
C. D19,800
D. D 18,000.

Question 1522:

• WAEC 2020

Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.


The value of the closing stock of finished goods that would be shown in the balance sheet is

A. D37,800
B. D 20,000
C. D 19,800
D. D 18,000

Question 1523:

• WAEC 2020

Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards


A. I and II only
B. I and IIl only
C. I, ll and Il only
D. I, III and IV only

Question 1524:

• WAEC 2020

The purpose of preparing a trading account is to ascertain

A. Average stock
B. Gross profit
C. Cost of goods sold
D. Cost of goods available for sale

Question 1525:

• WAEC 2020

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be

A. $75,000
B. $60,000
C. $50,000
D. $20,000