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Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
AN5,350
BN5,150
CN4,500
DN4,250
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Question 592
waec2000
a list of all credit and debit balance from the ledger accounts is
Atrial balance
Bprofit and loss statement
Cstatement of affairs
Dbalance sheet
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Question 593
waec2000
Which of the following accounts has a debit balance?
Acapital reserve
Brevenue reserve
Cshare premium
Dshare discount
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Question 594
waec2000
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
AN1,250
BN1,200
CN1,000
DN250
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Question 595
waec2000
Bills receivable is a
Acurrent liability
Bcurrent asset
Clong-term liability
Dfictitious asset
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Question 596
waec2000
The double entry for increasing provision for bad debt is debit
Adebtor's account, credit provision for bad debt account
Bprofit and loss account, credit debtor's account
Cdebtor's account, credit profit and loss acount
Dprofit and loss account, credit provision for bad debt account
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Question 597
waec2000
Which of the following is not an example of input device?
Acard reader
Bkeyboard
Cvisual display unit
Dcentral processing unit
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Question 598
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
AN1,000 profit
BN500 profit
CN500 loss
DN1,000 loss
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Question 599
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?
AN9,000
BN5,500
CN4,000
DN3,500
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Question 600
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?
AN9,000
BN5,500
CN3,500
DN2,000
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Question 601
waec2000
An account is said to have a debit balance because
Athe first entry made in it is on its debit side
Bthere aer more entries on the debit side than on the credit side
Ctotal value of debit entries is more than total value of credit entries
Dthere is no entry at all on the dbit side
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Question 602
waec2000
The accounting entry for depreciation at the end of each year is to debit
Aprovision for depreciation account and credit machinery account
Bprovision for depreciation account and credit profit and loss account
Ctrading account abd credit provision for depresiation account
Dmanufacturing account and credit provision for depreciation account
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Question 603
waec2000
The vote book in Public Sector Accounting is used to
Aregister the names of voters
Bcontrol expenditure
Ccontrol government policy
Drecord revenue accuring to the government
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Question 604
waec2000
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the prime cos?
AN19,000
BN18,000
CN17,500
DN17,000
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Question 605
waec2000
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of production?
AN19,000
BN18,500
CN15,000
DN12,500
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Question 606
waec2000
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the cost of raw materials consumed?
AN18,500
BN16,000
CN15,000
DN12,500
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Question 607
waec2000
Which of the following is not a petty cash book item? purchase of
Aatationery
Bpostage stamps
Ccutlass for gardners
Dmachinery
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Question 608
waec2000
In computing, ALU stands
Aaccounting logic unit
Barithmetic logic unit
Caccess logic unit
Dadditional liability unit
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Question 609
waec2000
Profit expressed as a fraction of the selling price is known as
