2011 - WAEC Accounting Past Questions and Answers - page 3

The document from which entries are transferred to the purchases day book is the

Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses

A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of

John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's

The total value received by company as consideration for shares issued constitutes

Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\ \hline \text{Prime cost} & 4,000\ \text{Factory overheads} & 6,000\ \text{Stock on 1/1/09 work-in-progress} & 1,000\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \ \text{Returns inwards} & 800 \ \text{Sales} & 20,000\end{array}\)
Cost of production is

Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\ \hline \text{Prime cost} & 4,000\ \text{Factory overheads} & 6,000\ \text{Stock on 1/1/09 work-in-progress} & 1,000\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \ \text{Returns inwards} & 800 \ \text{Sales} & 20,000\end{array}\)
Net sales for the period is

The going concern concept assumes that

The first calculating machine in data processing was

Which of the following is not a purpose for which share premium may be utilized?