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Ddirect6 materials, direct labour, direct expenses and factory overhead
Edirect expenses and factory overhead
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Question 1672
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. The accumulated depreciation at the end of the year 3 using the straight line method is
AN9,300
BN9,000
CN8,700
DN6,900
EN6,000
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Question 1673
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. Using the reducing balance method, what us the net book value at the end of the year 2? (ignoring residual value)
AN10,480
BN10,080
CN9,680
DN9,600
EN7,680
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Question 1674
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400.Using the reducing balance method what will be the depreciation charge for year 2 at 20%? (ignoring residual value)
AN3,000
BN2,900
CN2,400
DN1,920
EN1,536
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Question 1675
waec1989
A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400. Using the straight line method, the annual depreciation is
AN3,100
BN3,000
CN2,900
DN2,300
EN2,000
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Question 1676
waec1989
Which of the following may cause depreciation? i. wear and tear ii. obsolescence and passage of time iii. fluctuation
Ai, ii and iii
Bi and ii
Ci and iii
Dii and iii
Eiii
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Question 1677
waec1989
Which of the following is not true of capital expenditure? i. assets acquired for the purpose of earning income ii. extension of office building iii. it is incurred and its full benefits consumed in one period of account
Ai
Bii
Ci and ii
Dii and iii
Eiii
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Question 1678
waec1989
Pending the location of error, the difference disclosed in the trial balance is normally posted to
Aan adjustment account
Ba control account
Ca suspense account
Da profit and loss account
Ea trading account
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Question 1679
waec1989
Trade discount is
Aallowance for prompt payment
Ballowance for damaged goods
Callowance off price list
Ddiscount on creditors
Ediscount on debitors
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Question 1680
waec1989
When a buyer returns damages goods to the seller, the buyer receives a
Aproforma invoice
Bcredit note
Cdebit note
Dconsiment note
Egoods return note
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Question 1681
waec1989
Which of the following in a classified form contains a permanent record of all transactions? The
Asales day book
Bcash book
Cledger
Djournal
Epurchases day book
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Question 1682
waec1989
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
Aboth the liability and asset are increased
Bboth the liability and asset are decreased
Cliability is increased while the asset is decreased
Dliability is decreased while the asset is increased
Eboth liability and asset remain unchanged
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Question 1683
waec1989
The concept of Double Entry Book-Keeping states that
Aif you receive goods on credit the seller becomes your creditor
Bfor every debit entry there must be a corresponding credit entry
Cone party receives and another party gives value
Dpurchases and sales are stated separately
Efor every seller there is a buyer
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Question 1684
waec1989
The balance the provision for depreciation account is shown in the
Atrial balance as a debit
Btrial balance as a credit
Cbalance sheet as a fixed asset
Dbalance sheet as a long term liability
Ebalance sheet as a current liability
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Question 1685
waec1989
Discount allowed would appear on the
Adebit side of sales control account and the credit side of purchases control account
Bdebit side of sales ledger control account only
Cdebit side of purchases ledger control account
Dcredit side of the sales ledger control account
Ecredit-side of the purchases ledger control account
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Question 1686
waec1989
The balance in the purchases ledger control account is
Atotal purchases
Btotal sales
Cthe total of the debtors
Dthe total of the creditors
Ethe total credit purchases
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Question 1687
waec1989
Which of the following show s the stock at the start of an accounting period?
Aappropriation account
Bcurrent assets in the balance sheet
Ccurrent liabilities in the balance sheet
Dtradng account
Eprofit and loss account
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Question 1688
waec1989
A business marked up its cost by 50%. This would mean a gross profit of
A33\(\frac{1}{3}\)% on the cost price
B50% on the selling price
C66 \(\frac{2}{3}\)% on the selling price
D66\(\frac{2}{3}\)% on the market price
E33\(\frac{1}{3}\)% on the selling price
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Question 1689
waec1989
The drawings account of a sole proprietorship is transferred to the
Acapital account
Bdebit side of the trading account
Ccredit side of the prfit and loss account
Dcurrent liabilities in the balance sheet
Ecurrent assets in the balance sheet
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Question 1690
waec1989
Which of the following would be posted to the proprietor's capital account?
