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Accounts - Principles of Accounts 2002 WAEC Past Questions

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6
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
  • A. N34,500
  • B. N31,500
  • C. N28,500
  • D. N28,500
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7
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is
  • A. N68,700
  • B. N65,700
  • C. N62,700
  • D. N58,800
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8
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is
  • A. N42,300
  • B. N31,800
  • C. N28,800
  • D. N21,000
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9
Carriage inward expenses of a business is treated in
  • A. trading account
  • B. balance sheet
  • C. appropriation account
  • D. profit and loss account
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10
A provision is
  • A. an amount set out of profit for other uses
  • B. an amount of loss from trading activities
  • C. an expense of buisiness to be paid for in cash
  • D. a loss in value of all business assets
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