2006 - WAEC Accounting Past Questions and Answers - page 4
31
Use the information to answer the given question.
\(\begin{array}{c|c} & D\ \hline \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Prime cost is
\(\begin{array}{c|c} & D\ \hline \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Prime cost is
A
D120,500
B
117,700
C
D114,900
D
D114,300
correct option: b
Users' Answers & Comments32
Use the information to answer the given question.
\(\begin{array}{c|c} & D\ \hline \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of goods manufactured is
\(\begin{array}{c|c} & D\ \hline \text{Opening stock: raw materials} & 10,000\ \text{work-in-progress} & 16,000\ \text{Purchases of raw materials} & 95,000\ \text{Direct labour wages paid} & 13,500\ \text{Royalties paid} & 6,200\ \text{Accrued wages} & 2,800\ \text{Closing stock: raw materials} & 7,500\ \text{work in progress} & 8,500\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of goods manufactured is
A
D138,000
B
D131,800
C
D130,500
D
D123,500
correct option: a
Users' Answers & Comments33
A set of instruments fed into a computer for accomplishing a given task is a/an
A
input
B
programme
C
output
D
data
correct option: b
Users' Answers & Comments34
Control accounts are also known as
A
contra accounts
B
total accounts
C
ledger accounts
D
integral accounts
correct option: b
Users' Answers & Comments35
Which of the following is charged to trading account?
A
discounts allowed
B
carriage outwards
C
salaries
D
carriage inwards
correct option: d
Users' Answers & Comments36
Which of the following is not a debit item in a creditor's control account?
A
cash paid
B
returns outwards
C
purchases
D
discount received
correct option: c
Users' Answers & Comments37
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
A
₦160,000
B
₦130,000
C
₦100,000
D
₦60,000
correct option: a
Users' Answers & Comments38
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was
A
₦100,000
B
₦90,000
C
₦80,000
D
₦60,000
correct option: a
Users' Answers & Comments39
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was
A
₦160,000
B
₦150,000
C
₦130,000
D
₦120,000
correct option: b
Users' Answers & Comments40
Which of the following is not a revenue expenditure?
A
payment of salaries
B
payment for advertisement
C
purchases of motor vehicle
D
purchases of goods
correct option: c
Users' Answers & Comments