1998 - WAEC Accounting Past Questions and Answers - page 5
41
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
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of Raw Materials} & 5,800 \ \text{Closing stock of Raw Materials} & 4,500 \ \text{Raw material purchased} & 19,000\ \text{Carriage outwards} & 1,300 \ \text{Direct labour} & 4,000 \ \text{Electricity(Factory)} & 2,500 \ \text{Supervisor's salary} & 5,500 \ \text{Depreciation of Plant} & 1,500 \ Sales & 58,000 \ \text{Closing stock(Finished Goods)} & 4,500 \ \text{Administrative expenses} & 5,500 \ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The prime cost is
A
N26,800
B
N25,600
C
N24,300
D
N21,300
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42
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?
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of Raw Materials} & 5,800 \ \text{Closing stock of Raw Materials} & 4,500 \ \text{Raw material purchased} & 19,000\ \text{Carriage outwards} & 1,300 \ \text{Direct labour} & 4,000 \ \text{Electricity(Factory)} & 2,500 \ \text{Supervisor's salary} & 5,500 \ \text{Depreciation of Plant} & 1,500 \ Sales & 58,000 \ \text{Closing stock(Finished Goods)} & 4,500 \ \text{Administrative expenses} & 5,500 \ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the production cost?
A
N33,800
B
N33,200
C
N28,700
D
N28,300
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43
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?
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of Raw Materials} & 5,800 \ \text{Closing stock of Raw Materials} & 4,500 \ \text{Raw material purchased} & 19,000\ \text{Carriage outwards} & 1,300 \ \text{Direct labour} & 4,000 \ \text{Electricity(Factory)} & 2,500 \ \text{Supervisor's salary} & 5,500 \ \text{Depreciation of Plant} & 1,500 \ Sales & 58,000 \ \text{Closing stock(Finished Goods)} & 4,500 \ \text{Administrative expenses} & 5,500 \ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the factory overhead?
A
N10,800
B
N9,800
C
N9,500
D
N8,500
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44
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of Raw Materials} & 5,800 \ \text{Closing stock of Raw Materials} & 4,500 \ \text{Raw material purchased} & 19,000\ \text{Carriage outwards} & 1,300 \ \text{Direct labour} & 4,000 \ \text{Electricity(Factory)} & 2,500 \ \text{Supervisor's salary} & 5,500 \ \text{Depreciation of Plant} & 1,500 \ Sales & 58,000 \ \text{Closing stock(Finished Goods)} & 4,500 \ \text{Administrative expenses} & 5,500 \ \text{selling and Distribution Expenses} & 3,000\end{array}\)
he gross profit
he gross profit
A
N33,800
B
N28,700
C
N28,300
D
N18,900
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45
Interest on Partner's drawing is credited to
A
capital account
B
drawings account
C
current account
D
profit and loss account
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46
Carriage outwards is the amount spent on transporting
A
goods sold
B
goods purchased
C
goods returned to stock
D
excess stock
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47
Discount allowed is charged to
A
profit and loss appropriation account
B
manufacturing account
C
trading account
D
profit and loss account
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48
The loss made by a non-trading organization is called
A
surplus
B
drawing
C
deficit
D
shortage
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49
Which of the following is true in Public sector accounting? Cost of assets is
A
depreciated on straight line method
B
depreciated on reducing balance method
C
expensed in the year of purchase
D
charged to federation account
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