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Accounts - Principles of Accounts Past Questions

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1926
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of manufacturing goods is
  • A. N67,500
  • B. N65,500
  • C. N65,000
  • D. N63,000
  • E. N61,000
View Answer & Discuss WAEC 1993
1927
Which of the following will a supplier send to a customer whose invoice was undercast?
  • A. invoice
  • B. debit note
  • C. cresit note
  • D. cheque
  • E. payment voucher
View Answer & Discuss WAEC 1992
1928
In which of the following books will trade discount be recorded?
  • A. cash book
  • B. general ledger
  • C. purchases day book
  • D. invoices
  • E. journal voucher
View Answer & Discuss WAEC 1992
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1929
In a manufacturing company, wages paid to operatives increase the value of
  • A. urnover
  • B. prime cost
  • C. gross profit
  • D. overhead cost
View Answer & Discuss WAEC 1992
1930
The accounting equation is
  • A. assets and liabilities amount to capital
  • B. capital less assets amounts to liabilities
  • C. asseta less liabilities amount to capital
  • D. capital and assets amounts to liability
  • E. fixed assets and current liabilities amount to capital
View Answer & Discuss WAEC 1992
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