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Aa trial balance is an account having debit and credit sides
Bexpenses, losses and assets have debit balances
Crevenues, gains and liabilities have credit balances
Da trial balance is a list of balances extracted from ledger accounts
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Question 432
waec2007
Financial accounting information is for
Ainternal use only
Bexternal use only
Cbusiness use only
Dinternal and external use
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Question 433
waec2007
Which of the following is not shown in the trial balance?
Aopening stock
Bclosing stock
Cdiscounts allowed
Ddiscounts received
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Question 434
waec2007
An example of direct expenses is
Ainsurance
Bcarriage inwards
Cpurchases of raw materials
Droyalty
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Question 435
waec2007
Factory costs excluding prime cost is
Aoverhead
Bmaterial cost
Cfixed cost
Dadministration cost
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Question 436
waec2007
The manufacturing account is prepared to determine the cost of
Atrading
Bproduction
Cfactory overhead
Draw materials
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Question 437
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Which of the following is not classified as an overhead?
Afactory rates
Bfactory power
Cfactory building extension
Dfactory depreciation
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Question 438
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Rent expenses for the year 2005 is
A₦11,400
B₦11,300
C₦11,200
D₦10,200
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Question 439
waec2006
Which of the following is not a purpose for preparing departmental accounts? To
Acompare the results of different departments
Bemploy staff into different departments
Creward departmental managers
Dobtain information for formulating policies
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Question 440
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The balance as per bank statement is
AD10,900
BD8,400
CD5,600
DD2,800
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Question 441
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The adjustment cash book balance is
AD11,200
BD8,400
CD6,200
DD5,600
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Question 442
waec2006
Which of the following is a journal as well as an account?
Asales day book
Bcash book
Cgeneral journal
Dpurchases journal
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Question 443
waec2006
Where the head office maintains all books of account, goods sent to branch is credited to
Agoods sent to branch account
Bbranch stock account
Cbranch stockk adjustment account
Dhead office current account
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Question 444
waec2006
Which of the following columns of a three column cash book are memoranda? i. Discount ii. Discount allowed iii. Cash iv. Bank
Ai ans ii only
Bi and iii only
Cii and iii only
Diii and iv only
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Question 445
waec2006
The amount allowed off the cost price of an article to stimulate patronage is
Acash discount
Btrade discount
Cdiscount on debt
Ddiscount on bills
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Question 446
waec2006
Which of the following is not a revenue expenditure?
Apayment of salaries
Bpayment for advertisement
Cpurchases of motor vehicle
Dpurchases of goods
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Question 447
waec2006
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was
A₦160,000
B₦150,000
C₦130,000
D₦120,000
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Question 448
waec2006
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was
A₦100,000
B₦90,000
C₦80,000
D₦60,000
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Question 449
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
A₦160,000
B₦130,000
C₦100,000
D₦60,000
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Question 450
waec2006
Which of the following is not a debit item in a creditor's control account?
