2009 - WAEC Accounting Past Questions & Answers - page 1

1
Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
A
sales day book
B
cash book
C
purchase day book
D
general journal
CORRECT OPTION: b
2
As a basis for assessing future usage, fixed assets are shown at
A
selling price
B
cost price
C
cost plus residual value
D
net book value
CORRECT OPTION: b
3
In the absence of an agreement, partners share profits
A
based on activeness of a partner
B
based on capital contribution
C
on patronage basis
D
on equal basis
CORRECT OPTION: d
4
Subscription prepared by members is recorded in the balance sheet of a club as a
A
current liability
B
current asset
C
fixed asset
D
long term liability
CORRECT OPTION: a
5
The reduction in value of an intangible asset is
A
depletion
B
depression
C
amortization
D
appreciation
CORRECT OPTION: c
6
Which of the following is not part of the cost of production
A
wages of operators
B
factory power
C
advertising
D
cost of raw materials
CORRECT OPTION: c
7
Rent is apportioned each department on the basis of
A
area or space occupied
B
equuality
C
turnover
D
purchases
CORRECT OPTION: a
8
A document which acknowledge that a company owes a person a stated sum of money with an agreement to pay a fixed rate of interest periodically is
A
share certificate
B
allotment certificate
C
preference certificate
D
debenture certifate
CORRECT OPTION: d
9
Use the following information to answer the given question
\(\begin{array}{c|c} & D\ \hline \text{Purchase of raw materials} & 236,500\ \text{Returns of raw materials} & 4,750\ \text{Carriage on raw materials} & 44,000\ \text{Stock of raw materials at close} & 39,500 \ \text{Factory fuel} & 150,000\ \text{Direct wages} & 205,000\ \text{Indirect wages} & 31, 250\ \text{Factory power} & 3105,000\ \text{Work-in-progress at start} & 32,500\end{array}\)
What is the value of raw materials used?
A
D 270,500
B
D 286,250
C
D 255,000
D
D 236,250
CORRECT OPTION: d
10
Use the following information to answer the given question
\(\begin{array}{c|c} & D\ \hline \text{Purchase of raw materials} & 236,500\ \text{Returns of raw materials} & 4,750\ \text{Carriage on raw materials} & 44,000\ \text{Stock of raw materials at close} & 39,500 \ \text{Factory fuel} & 150,000\ \text{Direct wages} & 205,000\ \text{Indirect wages} & 31, 250\ \text{Factory power} & 3105,000\ \text{Work-in-progress at start} & 32,500\end{array}\)
What is the prime cost???
A
D 717,500
B
D 231,250
C
D 286,250
D
D 270,500
CORRECT OPTION: b
Pages: