Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is charged to trading account?
Adiscounts allowed
Bcarriage outwards
Csalaries
Dcarriage inwards
View Explanation & Discuss
Question 442
waec2006
Control accounts are also known as
Acontra accounts
Btotal accounts
Cledger accounts
Dintegral accounts
View Explanation & Discuss
Question 443
waec2006
A set of instruments fed into a computer for accomplishing a given task is a/an
Ainput
Bprogramme
Coutput
Ddata
View Explanation & Discuss
Question 444
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of goods manufactured is
AD138,000
BD131,800
CD130,500
DD123,500
View Explanation & Discuss
Question 445
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Prime cost is
AD120,500
B117,700
CD114,900
DD114,300
View Explanation & Discuss
Question 446
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of raw materials consumed is
AD113,000
BD105,500
CD98,000
DD95,500
View Explanation & Discuss
Question 447
waec2006
In a system of incomplete records, the opening capital is determined by preparing
Astatement of affairs
Bbalance sheet
Ccash book
Dtrial balance
View Explanation & Discuss
Question 448
waec2006
Which of the following is not used in solving problems of incomplete records?
Acontrol accounts
Bstatement of affairs
Ccash book
Dbalance sheet
View Explanation & Discuss
Question 449
waec2006
"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of
Abusiness entity
Bgoing concern
Crealization
Daccrual
View Explanation & Discuss
Question 450
waec2006
Revenue is recognized in the profit and loss account as soon as a
Adebtor pays what is due from him
Bsale of goods takes place and money is received
Csale of goods takes place whether or not money is received
Dsales of a fixed asset takes place
View Explanation & Discuss
Question 451
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was
ALe 16,500
BLe 11,500
CLe 9,500
DLe 6,500
View Explanation & Discuss
Question 452
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was
ALe 23,000
BLe 18,000
CLe 16,000
DLe 13,000
View Explanation & Discuss
Question 453
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was
ALe 23,500
BLe 18,500
CLe 11,500
DLe 13,000
View Explanation & Discuss
Question 454
waec2006
Which of the following is not a debit item in a partnership appropriation account?
Aintereston drawings
Bpartner's salary
Cinterest on partner's capital
Dshare of profit
View Explanation & Discuss
Question 455
waec2006
A customers who returns goods to the supplier because they are detective is issued a
Adebit note
Bcredit note
Cdelivery note
Dbank note
View Explanation & Discuss
Question 456
waec2006
The unit which keeps government's books of accounts is the
Acentral Bank
BInternal Audit department
CTreasury Department
DAccountand General's Department
View Explanation & Discuss
Question 457
waec2006
Bank reconciliation statement reconciles
Abank and cash balances in cash book
Bbank balance in the cash book and bank statement balance
Ccash balance in the cash book and bank statement balance
Dbank balance brought down balance brought down and bank balance carried dowm in the cash book
View Explanation & Discuss
Question 458
waec2006
Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of
Asorting out
Blast in, first out
Cfirst in,first out
Dgarbage in, garbage out
View Explanation & Discuss
Question 459
waec2006
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was
AD10,440
BD9,900
CD7,560
DD6,600
View Explanation & Discuss
Question 460
waec2006
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima's share was
