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Accounts - Principles of Accounts 2011 WAEC Past Questions

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26
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Cost of production is
  • A. ₦10,000
  • B. ₦9,000
  • C. ₦8,000
  • D. ₦6,000
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27
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is
  • A. ₦20.000
  • B. ₦20,8000
  • C. ₦19,200
  • D. ₦10,000
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28
The going concern concept assumes that
  • A. every transaction is represented by a debit and credit entry
  • B. the currency much not change
  • C. the firm is a legal entity
  • D. the business will continue to operate indefinitely
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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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29
The first calculating machine in data processing was
  • A. abacus
  • B. pascal
  • C. punched cards
  • D. digital
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30
Which of the following is not a purpose for which share premium may be utilized?
  • A. issuing fully oaid bonus share
  • B. writing off preliminary expenses
  • C. settling salesman commission
  • D. providing for redeemable preference shares
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