Waec Accounts - Principles of Accounts Past Questions and Answers

Question 241:

• WAEC 1993

Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of manufacturing goods is

A. N67,500
B. N65,500
C. N65,000
D. N63,000
E. N61,000

Question 242:

• WAEC 1994

Which of the following statements is not valid?

A. Provision for bad debts is deducted from debtors total in the Balance sheet
B. An increase in provision for bad debts appears on the debi side of the profit and loss account
C. A decrease in the provison for bad debts appears on the credit side of profit and loss accoun
D. The bas debt account is closed to the debit side of the profit and loss account
E. Bad debt is a deduction from debtors total afte making provision for bad and boughtful debts

Question 243:

• WAEC 1994

Which of the following statements is not valid?

A. Provision for bad debts is deducted from debtors total in the Balance sheet
B. An increase in provision for bad debts appears on the debi side of the profit and loss account
C. A decrease in the provison for bad debts appears on the credit side of profit and loss accoun
D. The bas debt account is closed to the debit side of the profit and loss account
E. Bad debt is a deduction from debtors total afte making provision for bad and boughtful debts

Question 244:

• WAEC 1994

Carriage outwards is charged to the

A. Debit side of profit and loss account
B. Credit side of profit and loss account
C. Credit side of trading account
D. Debit side of profit and loss Appropritation account
E. Debit side of Balance under current liabilities

Question 245:

• WAEC 1994

Where a proprietor withdraws cash from bank for office use, the entries would be

A. Credit cash account, debit bank account
B. Debit cash account, credit bank account
C. Debit officer account, credit bank account
D. Debit drawings account, credit bank account
E. Debit bank account, credit drawings account