Accounts - Principles of Accounts Past Questions

1686

Which of the following is a normal account?

A. Machinery
B. Debtors
C. Creditors
D. Salaries
E. Goodwill

View Answer & Discuss WAEC 1997

1687

Use the following information to answer this question

An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.

The net book value at the time of sale was

A. N16,000
B. N14,000
C. N12,000
D. N8,000
E. N6,000

View Answer & Discuss WAEC 1997

1688

Use the following information to answer this question

An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.

Accumulated depreciation at the time of sale was

A. N16,000
B. N14,000
C. N12,000
D. N8,000
E. N6,000

View Answer & Discuss WAEC 1997

1689

Use the following information to answer this question

An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.

The profit on sale was

A. N8.00
B. N7,000
C. N6,000
D. N5,000
E. N1,000

View Answer & Discuss WAEC 1997

1690

In Manufacturing Account, prime cost plus factory overhead is known as

A. conversion cost
B. cost of raw materials consumed
C. total cost
D. production cost
E. cost of work in progress

View Answer & Discuss WAEC 1997

Accounts - Principles of Accounts Past Questions

Subjects

Sign In