2010 - WAEC Accounting Past Questions and Answers - page 3
21
Bad debts written off is shown as
A
debit in the sales ledger
B
debit in the purchases ledger
C
credit in the sales ledger
D
credit in the purchases ledger
correct option: c
Users' Answers & Comments22
The balance of the sales ledger control account represents
A
total sales
B
total credit sales
C
total creditors
D
total debtors
correct option: d
Users' Answers & Comments23
Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The value of raw material consumed is
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The value of raw material consumed is
A
₦121,440
B
₦113,390
C
₦111,190
D
₦101,190
correct option: d
Users' Answers & Comments24
Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is
A
₦151,190
B
₦199,190
C
₦169,190
D
₦146,190
correct option: c
Users' Answers & Comments25
Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The total overhead expenses is
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock of raw materials} & 24,750\ \text{Purchases of raw materials} & 129,640\ \text{Carriage on raw materials} & 10,000\ \text{Closing stock of raw materials} & 45,000 \ \text{Factory supervisor's salary} & 30,000\ \text{Wages of factory hands} & 50,000 \ \text{Royalties paid}& 18,000\ \text{Insurance of factories} & 62,000\ \text{Work-in-progress(opening)} & 23,000 \ \text{Raw material returned} & 12,200\end{array}\)
The total overhead expenses is
A
₦142,000
B
₦151,000
C
₦110,000
D
₦92,000
correct option: a
Users' Answers & Comments26
The accounting principle that states that insignificant expenditures are not to be taken into account is the
A
realization concept
B
materiality convention
C
marching concept
D
consistency convention
correct option: b
Users' Answers & Comments27
The realization concept states that
A
revenue is recognized as being earned earned when ownership of goods passes to the customer
B
revenue and profit should not be anticipated
C
similar way from one accounting period to another
D
transaction must be expressed in monetary term
correct option: d
Users' Answers & Comments28
Where fixed capitals are maintained, partners' drawings are transferred to the
A
credit capital account
B
debit of capital accounts
C
credit of partners's current accounts
D
debit of partners' currents account
correct option: a
Users' Answers & Comments29
The method that provides a reliable a reliable check upon cash and stock at the branch and discloses the gross profit in the account is
A
cost plus percentage
B
cost price
C
average cost
D
selling price
correct option: a
Users' Answers & Comments30
A partners whose liability goes beyond his capital is known as
A
dormal partner
B
linited partner
C
general partner
D
nominal partner
correct option: c
Users' Answers & Comments