Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
The loss made by a non-trading organization is called
Asurplus
Bdrawing
Cdeficit
Dshortage
Ediscount
View Explanation & Discuss
Question 1352
waec1998
Discount allowed is charged to
Aprofit and loss appropriation account
Bmanufacturing account
Ctrading account
Dprofit and loss account
Ecurrent account
View Explanation & Discuss
Question 1353
waec1998
Carriage outwards is the amount spent on transporting
Agoods sold
Bgoods purchased
Cgoods returned to stock
Dexcess stock
Egoods for manufacture
View Explanation & Discuss
Question 1354
waec1998
Interest on Partner's drawing is credited to
Acapital account
Bdrawings account
Ccurrent account
Dprofit and loss account
Eappropriate account
View Explanation & Discuss
Question 1355
waec1998
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
he gross profit
AN33,800
BN28,700
CN28,300
DN18,900
View Explanation & Discuss
Question 1356
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the factory overhead?
AN10,800
BN9,800
CN9,500
DN8,500
EN5,300
View Explanation & Discuss
Question 1357
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the production cost?
AN33,800
BN33,200
CN28,700
DN28,300
EN18,900
View Explanation & Discuss
Question 1358
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The prime cost is
AN26,800
BN25,600
CN24,300
DN21,300
EN20,300
View Explanation & Discuss
Question 1359
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The cost of raw materials used is
AN28,100
BN24,300
CN24,300
DN21,600
EN20,300
View Explanation & Discuss
Question 1360
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is he net book value at the beginning of the year 3?
AN540,000
BN492,00
CN438,000
DN437,400
View Explanation & Discuss
Question 1361
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is the cumulative depreciation at the end of yr.3?
AN216,000
BN206340
CN180,000
DN162,600
EN162,000
View Explanation & Discuss
Question 1362
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the net book value on 31st December of Yr. 2?
AN551,400
BN546,00
CN540,000
DN486,000
EN440,000
View Explanation & Discuss
Question 1363
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the depreciation for Yr. 2?
AN160,000
BN114,000
CN60,000
DN54,000
EN48,000
View Explanation & Discuss
Question 1364
waec1998
When a share is sold for less than its nominal value, the difference is debited to
Ashare premium account
Bshare discount account
Cprofit and loss account
Dcapital reserve account
Egeneral reserve account
View Explanation & Discuss
Question 1365
waec1998
Rent paid during 1995 was N2,000 while rent paid at 31st December, 1995 was
AN2,400
BN2,200
CN2,000
DN1,800
EN200
View Explanation & Discuss
Question 1366
waec1998
The double entries for refund of unsuccessful application monies are, debit
Aapplication for shares account, credit bank account
Bbank account, credit application for shares account
Callotment account, credit application for shares account
Dallotment account, credit bank account
Ecash account, credit bank account
View Explanation & Discuss
Question 1367
waec1998
Which of the following is an example of production overhead?
Adiscount allowed
Bcarried inwards
Cfactory rent
Dcarriage outwards
Edepreciation of office equipment
View Explanation & Discuss
Question 1368
waec1998
Which of the following is a recurrent expenditure to a Local Government Council?
Abuilding classroom
Bsinking of wells
Cpurchase of drugs
Dconstruction of markets
Epurchase of hospital beds
View Explanation & Discuss
Question 1369
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Recurrent expenditure of the year was
AN170,000
BN130,000
CN120,000
DN100,000
EN80,000
View Explanation & Discuss
Question 1370
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Capital expenditure for the year was
