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Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is
AN42,300
BN31,800
CN28,800
DN21,000
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Question 22
waec2002
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is
AN68,700
BN65,700
CN62,700
DN58,800
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Question 23
waec2002
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
AN34,500
BN31,500
CN28,500
DN28,500
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Question 24
waec2002
Which of the following belongs to the normal ledger?
Asalaries account
Bfixtures account
Cstock account
Ddebtors account
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Question 25
waec2002
Discounts allowed is charged to
Atrading account
Bbalance sheet
Ccurrent account
Dprofit and loss account
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Question 26
waec2002
Which of the following is not a liability?
Aaccrued wages
Brent arrears
Cprepayment
Dinsurance due but unpaid
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Question 27
waec2002
The source document sent by the seller to the buyer when goods are returned is
Acredit note
Bpurchase invoice
Csales invoice
Ddebit invoice
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Question 28
waec2002
The accounting equation is
ACapital less current assets amounts to Liabilities
Bassets less liabilities amount to capital
Cfixed assets and current Liabilities amount to capital
Dcapital assets amount t liabilities
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Question 29
jamb2002
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
Compute the subscriptions received.
AN30000
BN28000
CN24000
DN20000
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Question 30
jamb2002
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?
AN11500
BN12000
CN13000
DN13500
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Question 31
jamb2002
Miscellaneous expense is 10% of revenue Calculate the net income.
AN583,000
BN563,000
CN483,000
DN581,000
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Question 32
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure
AN12000
BN15000
CN10000
DN14500
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Question 33
jamb2002
It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?
AN4500
BN6000
CN4000
DN5000
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Question 34
jamb2002
The working capital of the club is
AN5000
BN4000
CN3000
DN7000
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Question 35
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
What is department Q's share of discount allowed?
AN2000
BN1500
CN800
DN1200
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Question 36
jamb2002
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is
AN750
BN1000
CN250
DN500
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Question 37
jamb2002
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
Amarket value of goods produced
Bprime cost of production
Cindirect cost of production
Dgoods produced.
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Question 38
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be
AN250
BN350
CN175
DN325
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Question 39
jamb2002
Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be
AN5475
BN5725
CN4400
DN5000
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Question 40
jamb2002
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
