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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
waec2009
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
waec2009
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
waec2009
Rent is apportioned each department on the basis of
Aarea or space occupied
Bequuality
Cturnover
Dpurchases
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Question 25
waec2009
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
waec2009
The reduction in value of an intangible asset is
Adepletion
Bdepression
Camortization
Dappreciation
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Question 27
waec2009
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
waec2009
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
waec2009
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
waec2009
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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Question 31
jamb2009
Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
What amount is to be credited to the profit and loss account in respect of rent income?
AN1,710
BN1760
CN2000
DN2240
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Question 32
jamb2009
Use the information to answer the question.
...................................................30/9/06.......30/9/07.....
.......................................................N.............N.........
Accrued insurance premium........600...........710.......
Prepaid rent income....................490............630......
The cash book includes N1,850 and N,2,100 with respect to insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.
AN1,310
BN1,850
CN1,990
D2,210
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Question 33
jamb2009
If the opening stock is 5% of sales. calculate the purchases
AN95,600
BN95,000
CN90,600
DN85,000
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Question 34
jamb2009
If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?
AN10,000
BN90,000
CN105,600
DN110,000
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Question 35
jamb2009
One of the reasons for the existence of the public sector is to?
ATake adequate care of the needy
Bsupplement the commercial sector
Cprovide cheap services to all citizens
Dcorrect perceived inequalities
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Question 36
jamb2009
Which of the following is credited to the consolidated revenue fund?
ARecurrent expenditure
BCapital expenditure
CTransfer to revenue fund
DInternational revenue
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Question 37
jamb2009
Replacement and renewal of fixed assets are?
Arevenue receipt
Bcapital receipt
Ccapital expenditure
Drevenue expenditure
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Question 38
jamb2009
Expenditure incurred on consumables and goods for resale is?
Arevenue expenditure
Bcapital expenditure
Csunk cost
Dmiscellanous expenses
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Question 39
jamb2009
The book value per share is obtained by dividing?
Ashareholders equity by outstanding shares
Btotal assets by outstanding shares
Cgross profit by outstanding shares
Dnet profit by outstanding shares
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Question 40
jamb2009
Provision for bad and double debts in companies final accounts is treated in?
