WAEC Accounting Past Questions & Answers - Page 134

666.

The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as

A.

Consolidated fund

B.

Recurrent fund

C.

Accumulated fund

D.

Working capital

E.

General reserve

Correct answer is C

No explanation has been provided for this answer.

667.

The trading account is usually headed

A.

For the year ended............19 x 1

B.

For............19 x 1

C.

As.............19 x 1

D.

As at.........19 x 1

E.

...................19 x 1

Correct answer is A

No explanation has been provided for this answer.

668.

Which of the following accounts are treated in the nominal ledger? 
i. wages 
ii. discounts allowed 
iii. purchases

A.

i

B.

ii

C.

iii

D.

i, ii and iii

E.

i and ii

Correct answer is E

No explanation has been provided for this answer.

669.

The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?

A.

N42,500

B.

N40,500

C.

N40,000

D.

N38,000

E.

N32,000

Correct answer is C

No explanation has been provided for this answer.

670.

In a manufacturing organization, which of the following expenses does not elate to cost of production?

A.

Materials consumed

B.

Direct labour

C.

Direct overhead

D.

Administration overhead

E.

Work-in-progress

Correct answer is D

No explanation has been provided for this answer.