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2009 - WAEC Accounting Past Questions and Answers - page 2

11

Use the following information to answer the given question
(\begin{array}{c|c} & D\ \hline \text{Purchase of raw materials} & 236,500\ \text{Returns of raw materials} & 4,750\ \text{Carriage on raw materials} & 44,000\ \text{Stock of raw materials at close} & 39,500 \ \text{Factory fuel} & 3150,000\ \text{Direct wages} & 205,000\ \text{Indirect wages} & 31, 250\ \text{Factory power} & 105,000\ \text{Work-in-progress at start} & 32,500\end{array})
The total factory overhead is

A
D 318,750
B
D 286,250
C
D 255,000
D
D 236,250
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12

"Financial statements do not a disclose all information users need to know about a firm" This is the concept of

A
consistency
B
money measurement
C
dual aspect
D
materiality
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13

Which of the following is not a source of revenue for local government?

A
mining royaltyies
B
radio and TV licences
C
tenement/property rates
D
business permit fee
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14

A difference between the debit and credit totals in a trial balance is placed in

A
bank reconciliation statement
B
profit and loss account
C
suspense account
D
appropriate account
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15

A three column cash book contains column for

A
cash, assets and liabilities
B
bank, cash and assets
C
cash, bank and return
D
dscount, cash and bank
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16

The total debtors account of trading concern is N13,000. out of this 2% is irrecoverable, 5% of the balance is not like to be collected. What is the provision for doubtful debts?

A
N910
B
N650
C
N637
D
N260
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17

Which of the following is not part of factory overhead?

A
factory salaries
B
factory lighting and heating
C
depreciation of plant and machinery
D
depreciation of fixtures and fixing
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18

Cost of extension to a factory building is classified as

A
capital receipt
B
revenue expenditure
C
capital expenditure
D
revenue receipt
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19

Which of the following does not appear in a bank statement?

A
dividend received
B
bank charges
C
uncredited cheques
D
dishonoured cheques
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20

The purchase of a typewriter for office use for ₦2,000 is debited to

A
creditors
B
bank account
C
purchases account
D
equipment account
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