2005 - WAEC Accounting Past Questions and Answers - page 5
41
Which of the following is apportioned in proportion of the purchases of each department?
A
Discounts received
B
selling commission
C
bad debts
D
carriage outwards
correct option: a
Users' Answers & Comments42
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Chief Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total basic salary for the year was
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Chief Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total basic salary for the year was
A
N3,173,032
B
N3,048,000
C
N1,084,730
D
N8555,600
correct option: c
Users' Answers & Comments43
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total transport allowance was
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total transport allowance was
A
N384,000
B
N379,200
C
N211,200
D
N168,000
correct option: b
Users' Answers & Comments44
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post}& Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total housing allowance was
\(\begin{array}{c|c} Post & Grade & \text{Number in post}& Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The total housing allowance was
A
N1,608,000
B
N840,000
C
N768,000
D
N168,000
correct option: d
Users' Answers & Comments45
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \ \hline \text{Chief Accountant} & 15 & 1 & N371,748\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\ \text{Principal Accountant} & 12 & 4 & N243,732\ \text{Accountant} & 7 & 6 & N113,632\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
A
N21,000
B
N90,000
C
N60,000
D
N30,000
correct option: b
Users' Answers & Comments46
The part of the C.P.U used for the processing of data is
A
Monoru unit
B
arithmetic and logic unit
C
output unit
D
input unit
correct option: b
Users' Answers & Comments47
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as
A
current liabilities
B
current assets
C
long-term liabilities
D
capital
correct option: a
Users' Answers & Comments48
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
A
debit drawings account, credit purchases account
B
debit purchases account, credit sales account
C
debit sales avvount, credit drawings account
D
debit drawings account, credit sales account
correct option: a
Users' Answers & Comments49
Where there is a loss on disposal of a fixed asset, it means
A
depreciation has been underestimated
B
depreciation has been overestimated
C
scrap value has not been estimated
D
depreciation method used is inappropriate
correct option: b
Users' Answers & Comments