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Accounts - Principles of Accounts 2004 WAEC Past Questions

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31
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
  • A. N1,175,000
  • B. N1,140,000
  • C. 1,075,000
  • D. N1,060,000
View Answer & Discuss WAEC 2004
32
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
  • A. N1,175,000
  • B. N1,140,000
  • C. N1,075,000
  • D. N1,060,000
View Answer & Discuss WAEC 2004
33
The price paid by an acquiring company is
  • A. conversion fee
  • B. premium
  • C. sales consideration
  • D. purchases consideration
View Answer & Discuss (1) WAEC 2004
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34
A unit of company's capital which can be bought is
  • A. shares
  • B. interest
  • C. asset
  • D. property
View Answer & Discuss WAEC 2004
35
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
  • A. N6,900
  • B. N5,900
  • C. N4,500
  • D. N3,500
View Answer & Discuss WAEC 2004
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