Waec Accounting Past Questions For Year 2001
Question 51
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The capital of the business is
- A. N520,000
- B. N500,000
- C. N480,000
- D. N460,000
Question 52
A business firm incurs labour cost in installing machinery. This should be treated as
- A. salaries account
- B. machinery account
- C. debtors account
- D. creditors account
Question 53
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Cost of raw materials consumed is
- A. N53,000
- B. N45,500
- C. N45.000
- D. N43,500
Question 54
Which of the following is a primary source of entry into the debtors ledger?
- A. suppliers invoice
- B. returns outwards notes
- C. sales invoices
- D. payment vouchers
