Accounting Past Questions

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50 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

50 questions
Question 1 of 10 50 total questions
Question 21
waec 2009
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 3105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
What is the prime cost???
AD 717,500
BD 231,250
CD 286,250
DD 270,500
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Question 22
waec 2009
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 3105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
What is the value of raw materials used?
AD 270,500
BD 286,250
CD 255,000
DD 236,250
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Question 23
waec 2009
A document which acknowledge that a company owes a person a stated sum of money with an agreement to pay a fixed rate of interest periodically is
Ashare certificate
Ballotment certificate
Cpreference certificate
Ddebenture certifate
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Question 24
waec 2009
Rent is apportioned each department on the basis of
Aarea or space occupied
Bequuality
Cturnover
Dpurchases
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Question 25
waec 2009
Which of the following is not part of the cost of production
Awages of operators
Bfactory power
Cadvertising
Dcost of raw materials
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Question 26
waec 2009
The reduction in value of an intangible asset is
Adepletion
Bdepression
Camortization
Dappreciation
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Question 27
waec 2009
Subscription prepared by members is recorded in the balance sheet of a club as a
Acurrent liability
Bcurrent asset
Cfixed asset
Dlong term liability
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Question 28
waec 2009
In the absence of an agreement, partners share profits
Abased on activeness of a partner
Bbased on capital contribution
Con patronage basis
Don equal basis
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Question 29
waec 2009
As a basis for assessing future usage, fixed assets are shown at
Aselling price
Bcost price
Ccost plus residual value
Dnet book value
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Question 30
waec 2009
Which of the following books of original entry is used to record all payments and receipt by cash or cheque?
Asales day book
Bcash book
Cpurchase day book
Dgeneral journal
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