Waec Accounting Past Questions For Year 2001
Question 6
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Factory cost of production is
- A. N56,300
- B. N53,000
- C. N52,750
- D. N45,500
Question 7
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Prime cost is N53,000
- A. N53,000
- B. N52,750
- C. N49,950
- D. N46,300
Question 8
"The Accountant thinks the investment in the books are worthless". This is
- A. consistency concept
- B. objectivity concept
- C. conservatism concept
- D. money measurement concept
Question 9
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the profit or loss on the disposal asset?
- A. N4,000 profit
- B. N2,000 profit
- C. N2,000 loss
- D. N4,000 loss
Question 10
Jeng Limited disposed a fixed asset in 1999 for N2,000.
The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method.
What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit
- A. Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
- B. Disposal of Asset Account N4,000, credit fixed Access Account N4,000
- C. Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
- D. Fixed Asset Account N2,000, credit Disposal of Assets Account 2000
