AdmitMe
All subjects

WAEC Accounts (Principles of Accounts) questions

297 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 181· Manufacturing accounts· WAEC

    Work in progress refers to

    Explanation and discussion

  2. Question 182· Manufacturing accounts· WAEC

    Transferring finished goods from the factory at cost plus a percentage produces a

    Explanation and discussion

  3. Question 183· Manufacturing accounts· WAEC

    Which of these is a factory overhead?

    Explanation and discussion

  4. Question 184· Manufacturing accounts· WAEC

    Direct materials ₦150,000, direct labour ₦90,000, direct expenses ₦10,000 and factory overheads ₦60,000. With no work in progress, find the cost of production.

    Explanation and discussion

  5. Question 185· Manufacturing accounts· WAEC

    In a manufacturing account, work in progress is

    Explanation and discussion

  6. Question 186· Manufacturing accounts· WAEC

    Prime cost is the total of

    Explanation and discussion

  7. Question 187· Manufacturing accounts· WAEC

    Prime cost consists of

    Explanation and discussion

  8. Question 188· Manufacturing accounts· WAEC

    Factory rent is part of

    Explanation and discussion

  9. Question 189· Manufacturing accounts· WAEC

    Factory rent is classified as

    Explanation and discussion

  10. Question 190· Manufacturing accounts· WAEC

    Wages of machine operators who make the product are

    Explanation and discussion

  11. Question 191· Manufacturing accounts· WAEC

    Prime cost ₦200,000; factory overheads ₦50,000; opening work in progress ₦10,000; closing work in progress ₦15,000. Cost of production is

    Explanation and discussion

  12. Question 192· Manufacturing accounts· WAEC

    Direct materials ₦40,000, direct labour ₦25,000, direct expenses ₦5,000. Prime cost is

    Explanation and discussion

  13. Question 193· Manufacturing accounts· WAEC

    Royalties paid to the owner of a patent per unit produced are

    Explanation and discussion

  14. Question 194· Manufacturing accounts· WAEC

    The cost of production is transferred to the

    Explanation and discussion

  15. Question 195· Nature and purpose of accounting· WAEC

    Which of these is an external user of accounting information?

    Explanation and discussion

  16. Question 196· Nature and purpose of accounting· WAEC

    The person who checks the accounts of a company and reports whether they show a true and fair view is the

    Explanation and discussion

  17. Question 197· Nature and purpose of accounting· WAEC

    Book-keeping is the

    Explanation and discussion

  18. Question 198· Nature and purpose of accounting· WAEC

    The main purpose of accounting is to

    Explanation and discussion

  19. Question 199· Nature and purpose of accounting· WAEC

    The branch of accounting that provides information to managers for planning and control is

    Explanation and discussion

  20. Question 200· Nature and purpose of accounting· WAEC

    Government uses business accounts mainly to

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test