1998 - WAEC Accounting Past Questions and Answers - page 4

Which of the following is a recurrent expenditure to a Local Government Council?

Which of the following is an example of production overhead?

The double entries for refund of unsuccessful application monies are, debit

Rent paid during 1995 was N2,000 while rent paid at 31st December, 1995 was

When a share is sold for less than its nominal value, the difference is debited to

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the depreciation for Yr. 2?

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the net book value on 31st December of Yr. 2?

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is the cumulative depreciation at the end of yr.3?

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is he net book value at the beginning of the year 3?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of Raw Materials} & 5,800 \ \text{Closing stock of Raw Materials} & 4,500 \ \text{Raw material purchased} & 19,000\ \text{Carriage outwards} & 1,300 \ \text{Direct labour} & 4,000 \ \text{Electricity(Factory)} & 2,500 \ \text{Supervisor's salary} & 5,500 \ \text{Depreciation of Plant} & 1,500 \ Sales & 58,000 \ \text{Closing stock(Finished Goods)} & 4,500 \ \text{Administrative expenses} & 5,500 \ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The cost of raw materials used is