2001 - WAEC Accounting Past Questions and Answers - page 3
The depreciation method that allocates higher value to the use of an asset in its earlier years is
Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is
The purchases Ledger control Account is also referred to as
Which of the following is a primary source of entry into the debtors ledger?
Which of the following is a primary source of entry into the debtors ledger?
Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array})
Cost of raw materials consumed is
Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array})
Prime cost is N53,000
Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array})
Factory cost of production is
Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array})
Production cost is
The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit