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Accounts - Principles of Accounts Past Questions

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1431
The source document sent by the seller to the buyer when goods are returned is
  • A. credit note
  • B. purchase invoice
  • C. sales invoice
  • D. debit invoice
View Answer & Discuss WAEC 2002
1432
Which of the following is not a liability?
  • A. accrued wages
  • B. rent arrears
  • C. prepayment
  • D. insurance due but unpaid
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1433
Discounts allowed is charged to
  • A. trading account
  • B. balance sheet
  • C. current account
  • D. profit and loss account
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1434
Which of the following belongs to the normal ledger?
  • A. salaries account
  • B. fixtures account
  • C. stock account
  • D. debtors account
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1435
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
  • A. N34,500
  • B. N31,500
  • C. N28,500
  • D. N28,500
View Answer & Discuss (1) WAEC 2002
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