1997 - WAEC Accounting Past Questions and Answers - page 2
11
Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
Accumulated depreciation at the time of sale was
A
N16,000
B
N14,000
C
N12,000
D
N8,000
12
Use the following information to answer this question
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The profit on sale was
An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.
The profit on sale was
A
N8.00
B
N7,000
C
N6,000
D
N5,000
13
In Manufacturing Account, prime cost plus factory overhead is known as
A
conversion cost
B
cost of raw materials consumed
C
total cost
D
production cost
14
Which of the following is an advantage of the impurest system?
A
making hig profits in the business
B
Rewarding the imprest holder
C
Easy prearation of the final accounts
D
Meeting small items of expenditure
15
Where a business is purchased, the full amount of the purchase consideration is credited to
A
Purchase of Business Account
B
Creditor's Account
C
Vendor's Account
D
Purchaser's Account
16
A financial plan of action expressed in monetary terms is known as
A
imprest
B
consolidated fund
C
warrant
D
budget
17
Which of the following is not a source document for recording sales?
A
Debit note
B
Credit note
C
Receipt
D
Sales journal
18
Use the following information to answer this question
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The mark-up is
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The mark-up is
A
N15,000
B
N9,000
C
N4,000
D
N3,000
19
Use the following information to answer this question
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The double entry required for the mark-up is debit Branch
A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods
The double entry required for the mark-up is debit Branch
A
Sales Account, credit Branch Adjustment Account
B
Adjustment Accoutnt, credit Branch Stock Account
C
Stock Account, credit Branch Adjustment Account
D
Adjustment Account, credit Branch Profit and Loss Account
20
A ledger is a
A
book of accounts
B
summary of entries
C
book of original entry
D
double entry posting
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