Waec Accounting Past Questions For Year 2014
Question 21
The sum of direct cost in a manufacturing account is
- A. production cost
- B. prime cost
- C. total cost
- D. finance cost
Question 22
The accounting concept underlying the treatment of personal expenses of the business owner as drawing is
- A. periodicity
- B. accrual
- C. entity
- D. materiality
Question 23
Which of the following items is not contained in the Receipts and Payments Account?
- A. Subscription paid in advance
- B. stock paid for in advance
- C. outstanding wages and salaries
- D. donations
Question 24
Use the following information to answer the question given.
\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. The divisible profit is
- A. Le 14,000
- B. Le 12,000
- C. Le 10,000
- D. Le 8,000
Question 25
Shares issued below nominal value are referred to as shares at
- A. premium
- B. discount
- C. face value
- D. cumulative value
