2001 - WAEC Accounting Past Questions and Answers - page 3
21
The depreciation method that allocates higher value to the use of an asset in its earlier years is
A
dinimishing balance method
B
revaluation method
C
fixed instalment method
D
straight line method
correct option: a
Users' Answers & Comments22
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
A
N200,000
B
N180,000
C
N135,000
D
N75,000
correct option: c
Users' Answers & Comments23
The purchases Ledger control Account is also referred to as
A
Total creditors Accounts
B
Total ebitors Account
C
Cash Account
D
Personal Account
correct option: a
Users' Answers & Comments24
Which of the following is a primary source of entry into the debtors ledger?
A
suppliers invoice
B
returns outward notes
C
sales invoices
D
payment vochers
correct option: c
Users' Answers & Comments25
Which of the following is a primary source of entry into the debtors ledger?
A
suppliers invoice
B
returns outwards notes
C
sales invoices
D
payment vouchers
correct option: c
Users' Answers & Comments26
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
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array}\)
Cost of raw materials consumed is
A
N53,000
B
N45,500
C
N45.000
D
N43,500
correct option: d
Users' Answers & Comments27
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
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array}\)
Prime cost is N53,000
A
N53,000
B
N52,750
C
N49,950
D
N46,300
correct option: c
Users' Answers & Comments28
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
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array}\)
Factory cost of production is
A
N56,300
B
N53,000
C
N52,750
D
N45,500
correct option: a
Users' Answers & Comments29
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
\(\begin{array}{c|c} & N \ \hline \text{Opening stock of raw materials} & 8,000\ \text{Purchases} & 45,000 \ \text{Closing stock of raw materials} & 9,500 \ \text{Direct wages} & 6,450 \ \text{Indirect wages} & 2,800 \ \text{Depreciation - Plant and Machinery} & 3,200 \ \text{Factory rents and rates} & 350 \ \text{Opening work-in-progress} & 3,250 \ \text{Closing work-in-progress} & 3,750\end{array}\)
Production cost is
A
N57,300
B
N56,300
C
N55,800
D
N53,000
correct option: c
Users' Answers & Comments30
The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit
A
cash ad credit purchases
B
purchases and credit drawings
C
purchases and credit cash
D
drawings and credit cash
correct option: d
Users' Answers & Comments