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Accounts - Principles of Accounts Past Questions

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3071

Books of accounts are opened by the use of

  • A. balance sheet
  • B. general ledger
  • C. general journal
  • D. trial balance
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3072

The principal book of account where accounts are classified and summarized is

  • A. balance sheet
  • B. ledger
  • C. trial balance
  • D. journal
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3073

Use the following information to answer questions below

  Le
Raw materials:  
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000


 



The cost of raw materials available for production is

  • A. Le 372,000
  • B. Le 932,000
  • C. Le 947,000
  • D. Le 402,000
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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3074

Use the following information to answer questions below

  Le
Raw materials:  
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000


 



The cost of raw materials consumed is

  • A. Le 402,000
  • B. Le 947,000
  • C. Le 932,000
  • D. Le 372,000
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3075

An item that would be considered a first charge against profit in a company's account is

  • A. ordinary dividend
  • B. preference dividend
  • C. capital reserve
  • D. general reserve
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