Waec Accounting Past Questions For Year 2001
Question 1
The purchases Ledger control Account is also referred to as
- A. Total creditors Accounts
- B. Total ebitors Account
- C. Cash Account
- D. Personal Account
Question 2
Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is
- A. N200,000
- B. N180,000
- C. N135,000
- D. N75,000
Question 3
The head office usually issues goods to branches at
- A. prime cost
- B. production cost
- C. net realisable value
- D. cost price
Question 4
The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit
- A. cash ad credit purchases
- B. purchases and credit drawings
- C. purchases and credit cash
- D. drawings and credit cash
Question 5
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Production cost is
- A. N57,300
- B. N56,300
- C. N55,800
- D. N53,000
