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Which of the following is not charged to Manufacturing Account?
Araw materials
Bfactory's wages
CDistribution expenses
Droyalties
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Question 1462
waec1996
A payment of N150 to a credit
Aan increase in assets only
Ba reduction of assets only
Ca reduction in assets and liabilities
Dan increase in assets and liabilities
Ea reduction in the bank account
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Question 1463
waec1996
Which of the following are examples of Nominal account?
Aland and insurance
Bcash and interest
Cbuilding and cash
Dmachinery and wages
Erent and discount
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Question 1464
waec1996
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. Bad debts is
AN910
BN650
CN637
DN377
EN260
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Question 1465
waec1996
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. What is the provision for doubtful debts?
AN910
BN650
CN637
DN377
EN260
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Question 1466
waec1996
The person who has applied for shares in a company is called
Aallotee
Bsubscriber
Cpromoter
Dshareholder
Eapplicant
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Question 1467
waec1996
Which of the following is no part of prime cost of production?
Acost raw materials
Bcarriage on raw materials
Cdirect expenses
Ddirect wages
Edepreciation of factory equipment
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Question 1468
waec1996
The payee of a cheque is the
Adrawer's banker
Bdrawee's banker
Cperson naned to receive the amount on the cheque
Dbank cashier
Edrawer
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Question 1469
waec1996
Factory wages are always entered into the
Asales account
Bmanufacturing account
Cprofit ans loss account
Dtrading account
Etrading account
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Question 1470
waec1996
which of the following is not an Appropriation account item for a company?
Ainerest on drawings
Bproposed dividends
Cinterim dividends
Dprovision for taxation
EGeneral reserve
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Question 1471
waec1996
The purpose of a trading account is to ascertain
Asales
Bgross profit or loss
Cnet profit or loss
Dcarriage outwarrds
Eappropriated profit
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Question 1472
waec1996
Which of the following entries would be made for goods bought and paid for immediately? Debit
Acash account, credit sales account
Bpurchases account; credit cash account
Ccash account; credit purchases account
Dpurchases account; credit sales account
Epurchases account; credit goods account
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Question 1473
waec1996
The balance sheet is a statement showing
Aall assets and liabilities
Ball balances
Ccredit entries of the business
Ddebit entries of the business
Ecaoital and liabilities
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Question 1474
waec1996
A trial balance is
Aan attempt to balance the accounts
Bthe credit balances of the accounts
Clist of all balances extracted from the ledger
Dthe debit balances of the accounts
Ebalance sheet balances
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Question 1475
waec1996
Debentures issued at a price above the nominal value are said to be issued
Aat discount
Bat premium
Cat subsidy
Don goodwill
Eat a loss
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Question 1476
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. In the year of sale, profit was
Areduced by N15,750
Bincreased by N15,750
Creduced by N12,000
Dincreased by N2,250
Ereduced by N2,250
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Question 1477
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was
AN48,000
BN36,000
CN36,000
DN24,000
EN12,000
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Question 1478
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was
AN48,000
BN42,000
CN36,000
DN24,000
EN12,000
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Question 1479
waec1996
Mr. B sod goods worth N200 on credit to Mr. C. The credit sales should be entered into
Asales day book
Btrading account
Cprofit and loss account
Dpurchases day book
EMr. B's Account
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Question 1480
waec1996
Mr. B sod goods worth N200 on credit to Mr. C. Mr. B should debit this to
