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Accounts - Principles of Accounts 2018 WAEC Past Questions

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26

The wages of an office cleaner is classified as

  • A. direct labour cost
  • B. direct expenses
  • C. factory overhead
  • D. administrative overhead
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27

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

  • A. Le 120,000
  • B. Le 110,000
  • C. Le 90,000
  • D. Le 30,000
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28

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

  • A. Le 30,000 profit
  • B. Le 20,000 profit
  • C. Le 10,000 loss
  • D. Le 30,000 loss
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29

The amount set aside out of profits to strengthen the financial position of the business is

  • A. position
  • B. reserve
  • C. depreciation
  • D. surplus
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30

A fall in the value of a fixed asset due to technological changes is described as?

  • A. superfluity
  • B. wear and tear
  • C. obsolescence
  • D. depletion
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