Accounts - Principles of Accounts 2011 WAEC Past Questions

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The document from which entries are transferred to the purchases day book is the

A. waybill
B. credit note
C. receipt
D. invoice

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Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses

A. i, ii and iv
B. i, iii and vi
C. iv, v and vi
D. ii, iii and v

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A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of

A. commission
B. original entry
C. complete reversal of entry
D. principle

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John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's

A. cash book and sals ledger
B. nominal ledger and sales ledger
C. cash book and purchases ledger
D. nominal ledger and purchases ledger

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The total value received by company as consideration for shares issued constitutes

A. paid-up capital
B. authorized capital
C. working capital
D. capital employed

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Accounts - Principles of Accounts 2011 WAEC Past Questions

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