Waec Accounts - Principles of Accounts Questions
Question 116:
Carriage outwards is accounting term for amount spent on
- A Goods purchased
- B Goods sold
- C Excess stock
- D Goods for production
- E Goods returned to stock
Question 117:
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
Question 118:
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
Question 119:
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
Question 120:
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