2004 - WAEC Accounting Past Questions and Answers - page 4
31
Use the following information to answer the given question
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
A
N1,175,000
B
N1,140,000
C
1,075,000
D
N1,060,000
correct option: a
Users' Answers & Comments32
Use the following information to answer the given question
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
\(\begin{array}{c|c} & N\ \text{Stock of raw materials - 1st January, 2002} & 460,000\ \text{Purchases of raw materials} & 1,000,000\ \text{Carriage inwards} & 100,000 \ \text{Stock of raw materials - 31st December, 2002} & 500,000\ \text{Royal paid} & 35,000 \ \text{Manufacturing wages} & 80,000\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
A
N1,175,000
B
N1,140,000
C
N1,075,000
D
N1,060,000
correct option: d
Users' Answers & Comments33
The price paid by an acquiring company is
A
conversion fee
B
premium
C
sales consideration
D
purchases consideration
correct option: d
Users' Answers & Comments34
A unit of company's capital which can be bought is
A
shares
B
interest
C
asset
D
property
correct option: a
Users' Answers & Comments35
Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
A
N6,900
B
N5,900
C
N4,500
D
N3,500
correct option: d
Users' Answers & Comments36
Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is
A
N4,500
B
N1,350
C
N450
D
N400
correct option: c
Users' Answers & Comments37
Use the information to answer the given question.
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is
RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\ \text{subscriptions received:} & & & \text{wages} & 350\ & 2002 & 3,600 & \text{General expenses} & 400 \ & 2003 & 250 & \text{Printing expenses} & 120 \ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \ & & \overline{9,450} & & \end{array}\)
ADDITIONAL INFORMATION:
\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \ & N & N \ \hline \text{Equipment} & 4,500 & 5,150\ \text{Stock - Bar} & 1,200 & 3,200 \ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is
A
N8,450
B
N6,050
C
N5,600
D
N2,850
correct option: b
Users' Answers & Comments38
An expense is said to be revenue in nature if it
A
adds or contributes to the operating income of the business
B
reduces the capital of the business
C
necessitates the introduction of additional capital
D
adds to or mproves the value of fixed assets
correct option: a
Users' Answers & Comments39
Which of the following is the basis of accounting in public service?
A
profit
B
accrual
C
expenditure
D
cash
correct option: d
Users' Answers & Comments40
The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is
A
subvention
B
budgett
C
deposit
D
estimates
correct option: a
Users' Answers & Comments