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Accounts - Principles of Accounts 2009 WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
11
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 3150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\)
The total factory overhead is
  • A. D 318,750
  • B. D 286,250
  • C. D 255,000
  • D. D 236,250
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12
"Financial statements do not a disclose all information users need to know about a firm" This is the concept of
  • A. consistency
  • B. money measurement
  • C. dual aspect
  • D. materiality
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13
Which of the following is not a source of revenue for local government?
  • A. mining royaltyies
  • B. radio and TV licences
  • C. tenement/property rates
  • D. business permit fee
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14
A difference between the debit and credit totals in a trial balance is placed in
  • A. bank reconciliation statement
  • B. profit and loss account
  • C. suspense account
  • D. appropriate account
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15
A three column cash book contains column for
  • A. cash, assets and liabilities
  • B. bank, cash and assets
  • C. cash, bank and return
  • D. dscount, cash and bank
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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