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Accounts - Principles of Accounts 1991 WAEC Past Questions

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16
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
  • A. i
  • B. ii
  • C. iii
  • D. i and ii
  • E. ii and iii
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17
If the Opening stock is undervalued
  • A. goods available would be understated and gross profit overstated
  • B. goods available and gross profit would be understates
  • C. goods available would be overstated and gross profit understated
  • D. gross profit and goods available would be overstated
  • E. cost of goods sold would be overstated
View Answer & Discuss WAEC 1991
18
Capital is the
  • A. liability of tthe business to its proprietor
  • B. money owed by the company to others
  • C. money owed to the company by others
  • D. total of the long-term liabilities
  • E. total of the short-term liaqbilities
View Answer & Discuss WAEC 1991
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19
Carriage outwards is accounting term for amount spent on
  • A. goods purchased
  • B. goods sold
  • C. excess stock
  • D. goods for production
  • E. goods returned to stock
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20
In a manufacturing organization, which of the following expenses does not elate to cost of production?
  • A. materials consumed
  • B. direct labour
  • C. direct overhead
  • D. administration overhead
  • E. work-in-progress
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