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use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the prime cos?
AN19,000
BN18,000
CN17,500
DN17,000
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Question 12
waec2000
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of production?
AN19,000
BN18,500
CN15,000
DN12,500
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Question 13
waec2000
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of raw materials consumed?
AN18,500
BN16,000
CN15,000
DN12,500
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Question 14
waec2000
Which of the following is not a petty cash book item? purchase of
Aatationery
Bpostage stamps
Ccutlass for gardners
Dmachinery
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Question 15
waec2000
In computing, ALU stands
Aaccounting logic unit
Barithmetic logic unit
Caccess logic unit
Dadditional liability unit
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Question 16
waec2000
Profit expressed as a fraction of the selling price is known as
Amark-up
Bmargin
Cgross profit
Dnet profit
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Question 17
waec2000
In computing, external storage is called
Abacking storage
Blogging storage
Cprimary storage
Dextra storage
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Question 18
waec2000
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
Acurrent lability
Bcurrent asset
Clong term liability
Dfixes asset
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Question 19
waec2000
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
AN2,000
BN1,700
CN1,400
DN1,300
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Question 20
waec2000
When a buyer is undercharged, the seller forwards
Aa debit note
Ba credit note
Can undercast note
Da payment receipt
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Question 21
waec2000
Prepaid rent of N650 had been recorded as N560. This is an error of
Acommission
Bprinciple
Ccompensation
Doriginal entry
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Question 22
waec2000
Gross Profit of a business is the
Aexcess of sales over all the trading expenses
Bdifference between sales and purchases
Cexcess of sales over the cost of goods sold
Ddifference between discounts received and discount allowed
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Question 23
waec2000
Expenses incurred when incorporating a company are
Apreliminary expenses
Bselling expenses
Cadministrative expenses
Dfinancial expenses
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Question 24
waec2000
The entries necessary for recording profit loading on goods sent to branch are
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. Capital reserve was
AN1,500
BN1,000
CN500
DN150
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Question 26
waec2000
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. The purchase consideration was
AN31,500
BN30,000
CN28,500
DN28,000
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Question 27
waec2000
Closing stock was overstated. The effect is that
Aamount of goods available was understated
Bcost of goods sold was overstated
Camount of sales was understated
Dgross profit was overstated
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Question 28
waec2000
When goods are purchased on account, the accounting entries are
