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Accounts - Principles of Accounts 2007 WAEC Past Questions

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1
The manufacturing account is prepared to determine the cost of
  • A. trading
  • B. production
  • C. factory overhead
  • D. raw materials
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2
Factory costs excluding prime cost is
  • A. overhead
  • B. material cost
  • C. fixed cost
  • D. administration cost
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3
An example of direct expenses is
  • A. insurance
  • B. carriage inwards
  • C. purchases of raw materials
  • D. royalty
View Answer & Discuss WAEC 2007
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4
Which of the following is not shown in the trial balance?
  • A. opening stock
  • B. closing stock
  • C. discounts allowed
  • D. discounts received
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5
Financial accounting information is for
  • A. internal use only
  • B. external use only
  • C. business use only
  • D. internal and external use
View Answer & Discuss WAEC 2007
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