1998 - WAEC Accounting Past Questions and Answers - page 5

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 prime cost is

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})
What is the production cost?

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})
What is the factory overhead?

(\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})
he gross profit

Interest on Partner's drawing is credited to

Carriage outwards is the amount spent on transporting

Discount allowed is charged to

The loss made by a non-trading organization is called

Which of the following is true in Public sector accounting? Cost of assets is