Waec Accounting Past Questions For Year 2001
Question 31
Which of the following is a capital expenditure?
- A. salaries and wages
- B. stationery
- C. repairs of motor vehicle
- D. purchase of furniture
Question 32
The income accruing to debenture holders is called
- A. dividend
- B. net profit
- C. shares
- D. interest
Question 33
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
- A. N765
- B. N585
- C. N536
- D. N517
Question 34
Prime cost consist of
- A. direct material and direct labour cost
- B. direct material, direct labour and direct expenses
- C. direct material, direct labour, direct expenses overhead
- D. direct material and direct expenses
Question 35
Which of the following is not an example of a fictitious asset?
- A. Raw materials stock
- B. debit balance of profit and loss account
- C. preliminary expenses f a limited company
- D. expenditure on incorporation carried forward
