WAEC Past Questions and Answers - Page 957

4,781.

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.

4,782.

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.

4,783.

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.

4,784.

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

Correct answer is B

No explanation has been provided for this answer.

4,785.

Capital is the

A.

Liability of tthe business to its proprietor

B.

Money owed by the company to others

C.

Money owed to the company by others

D.

Total of the long-term liabilities

E.

Total of the short-term liabilities

Correct answer is A

No explanation has been provided for this answer.