WAEC SSCE - Financial Accounting - 2006

Which of the following is not a purpose for preparing departmental accounts? To

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The purpose of preparing departmental accounts is to provide information about the financial performance of each department in an organization. This information is used to compare the results of different departments, reward departmental managers, and obtain information for formulating policies. However, employing staff into different departments is not a purpose for preparing departmental accounts. Departmental accounts provide information about the financial performance of each department and are used for making management decisions. The process of hiring staff into different departments is a separate human resources function that is not directly related to accounting.

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was

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A sales ledger contains

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A sales ledger contains the accounts of the people or organizations who owe money to the business, and these accounts are called debtors' accounts. It is used to keep track of the sales transactions made by the business and the money owed to it by its customers. The sales ledger is an important part of a company's accounting system, as it helps the business to keep track of its outstanding debts and to manage its cash flow effectively. In summary, a sales ledger contains the details of the money owed to the business by its customers.

Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima's share was

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A customers who returns goods to the supplier because they are detective is issued a

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A customer who returns goods to the supplier because they are defective is issued a "credit note". A credit note is a document that a seller issues to a buyer when goods are returned or a refund is due. In the case of a defective product, the customer can return the item to the supplier and request a credit note for the value of the item. The credit note serves as a form of credit to the customer's account, reducing the amount they owe to the supplier. It is also used as evidence of the transaction and is recorded in the supplier's accounts. On the other hand, a debit note is used when the supplier needs to bill the customer for additional charges, such as for additional goods or services provided. A delivery note is used to confirm that goods have been delivered to the customer, while a bank note is a type of currency issued by a central bank.

Which of the following is not a source of revenue to a government?

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Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of raw materials consumed is

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To calculate the cost of raw materials consumed, we need to use the formula: Cost of raw materials consumed = Opening stock of raw materials + Purchases of raw materials - Closing stock of raw materials Plugging in the given values, we get: Cost of raw materials consumed = 10,000 + 95,000 - 7,500 = 97,500 Therefore, the cost of raw materials consumed is D98,000 (closest option). Explanation: The opening stock of raw materials and purchases of raw materials are added together to get the total raw materials available for use. Then, the closing stock of raw materials is subtracted from the total raw materials available to determine the raw materials consumed during the period.

The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is

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The depreciation method that allocates the number of years of useful life of an asset in reverse order is called the "sum of the years' digits" method. In this method, the total number of years of an asset's useful life is determined, and then the digits of each year are added together to get a sum. For example, if an asset has a useful life of 5 years, the digits would be 5, 4, 3, 2, and 1, and the sum of the digits would be 15 (5+4+3+2+1). Each year, the asset's depreciation expense is calculated by taking the number of years remaining in the useful life, dividing it by the sum of the digits, and multiplying it by the asset's cost minus its salvage value. The sum of the years' digits method results in higher depreciation expenses in the earlier years of an asset's life and lower expenses in the later years. This is because more of the asset's useful life is assumed to be used up in the earlier years.

Revenue is recognized in the profit and loss account as soon as a

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Revenue is recognized in the profit and loss account as soon as the sale of goods takes place, whether or not money is received. This is because revenue is earned when the company has fulfilled its obligations under the sale agreement, which is the delivery of goods or completion of services, regardless of whether the customer has paid for it yet or not. Therefore, the company can recognize the revenue in its financial statements once the sale has been completed, even if the payment is received at a later date.

In a system of incomplete records, the opening capital is determined by preparing

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In a system of incomplete records, the opening capital is determined by preparing a "statement of affairs". A statement of affairs is a statement that lists all the assets and liabilities of a business at a specific point in time, usually at the beginning or end of an accounting period. It is used to determine the opening capital of a business. To prepare a statement of affairs, the total value of all the assets of the business, including cash, inventory, machinery, and other assets, is added up. Then, the total value of all the liabilities, including loans, accounts payable, and other debts, is added up. The difference between the total value of assets and the total value of liabilities is the owner's equity or opening capital. This is because in accounting, assets = liabilities + equity. Once the opening capital has been determined, it can be used to calculate the profits or losses of the business during the accounting period. The statement of affairs is an important tool for businesses that use incomplete records, as it helps them to determine their financial position and make informed decisions.

Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The balance as per bank statement is

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The balance as per bank statement can be calculated by adjusting the balance as per cash book with the items that are either added or deducted by the bank. In this case, the items that need to be adjusted are: - Add the standing order paid of D2,500 (because it has been paid by the bank) - Deduct the banking charges of D300 (because it has been charged by the bank) - Deduct the unpresented cheques of D2,800 (because they have not been presented to the bank yet) So, the calculation would be: Balance as per cash book + Standing order paid - Banking charges - Unpresented cheques = D8,400 + D2,500 - D300 - D2,800 = D8,800 Therefore, the balance as per bank statement is D8,800. Option (B) D8,400 is the balance as per cash book, which is given in the table.

In company accounts, profit after tax is shared in the

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In company accounts, profit after tax is usually shared in the appropriation account. This account records how the company's profits are distributed among various stakeholders, such as shareholders, retained earnings, or reserves. The appropriation account includes items such as dividends, bonus shares, and transfers to reserves. By sharing the profit in this account, the company can ensure that it is properly distributed and allocated to the various stakeholders according to their entitlements and interests.

Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was

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The straight reducing balance method is a depreciation method in which the depreciation expense charged each year is calculated as a fixed percentage of the remaining net book value of the asset. In this case, the depreciation rate is 10%. To calculate the depreciation expense for the year 2002 using the straight reducing balance method, we need to determine the net book value of the asset as at the beginning of the year. This is given by: Net book value as at 1/1/2002 = Cost of motor vehicle - Accumulated depreciation Net book value as at 1/1/2002 = ₦1,000,000 - 0 = ₦1,000,000 The depreciation expense for the year 2002 is then calculated as 10% of the net book value as at the beginning of the year: Depreciation expense for 2002 = 10% x ₦1,000,000 = ₦100,000 Therefore, the correct answer is ₦100,000.

"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of

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The statement "A business unit is assumed to operate into foreseeable future and earn reasonable net income" emphasizes the concept of "going concern." Going concern is an accounting assumption that a company will continue to operate in the foreseeable future and will not go bankrupt or be liquidated. This assumption allows businesses to prepare financial statements under the belief that they will continue to operate for the foreseeable future, allowing for more accurate financial reporting. When a business is assumed to be a going concern, it is assumed that it will continue to earn revenue and profit in the future. This assumption is important because it allows businesses to use the accrual accounting method, which recognizes revenue and expenses when they are incurred, regardless of when payment is made. Without the going concern assumption, a business may have to use the liquidation basis of accounting, which assumes that the business will be liquidated and its assets sold. This could result in a significantly different set of financial statements that may not accurately represent the true financial position of the business. In summary, the going concern concept assumes that a business will continue to operate and generate income in the foreseeable future, allowing for more accurate financial reporting under the accrual accounting method.

A customers who returns goods to the supplier because they are detective is issued a

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When a customer returns defective goods to the supplier, the supplier will issue a document to acknowledge the return and make an adjustment to the customer's account. This document is called a credit note. A credit note is a document that indicates the supplier's agreement to credit the customer's account for the returned goods. It shows the details of the returned items, the original invoice number, and the amount credited. This document serves as a record of the transaction and ensures that the customer's account is adjusted accordingly. In contrast, a debit note is used when a supplier wants to increase the amount owed by a customer, such as when there is an underpayment or an additional charge. A delivery note is a document that accompanies a shipment of goods, and it provides details of the items being delivered. Finally, a bank note is a type of currency issued by a country's central bank. It is not related to the transaction between a customer and a supplier.

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)

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To calculate the depreciation expense for the motor vehicles, we need to use the straight-line depreciation method. This method assumes that the asset depreciates by the same amount each year over its useful life. First, we need to determine the useful life of the motor vehicles. The question does not provide this information, so we will assume a useful life of 10 years. Next, we need to calculate the depreciation expense for each year. We can do this by dividing the cost of the asset (including any additions) by its useful life, and then multiplying that amount by the depreciation rate. Cost of asset = ₦1,000,000 + ₦600,000 = ₦1,600,000 Useful life = 10 years Depreciation rate = 10% Depreciation expense = (Cost of asset / Useful life) x Depreciation rate Depreciation expense = (₦1,600,000 / 10) x 10% Depreciation expense = ₦160,000 Therefore, the depreciation expense for the motor vehicles is ₦160,000.

A system where a separate cash book is maintained for small payments is

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The system where a separate cash book is maintained for small payments is known as the imprest system. In the imprest system, a fixed amount of money is set aside in advance for making small payments, and a separate cash book is maintained to record these transactions. This system is commonly used by businesses and organizations to manage petty cash expenses, such as office supplies or travel expenses. Under the imprest system, the petty cash fund is replenished periodically, based on the amount of money that has been spent on small expenses. This ensures that there is always a fixed amount of money available for making small payments, and helps to prevent misuse or misappropriation of funds. Overall, the imprest system provides a simple and effective way for organizations to manage their petty cash expenses, while maintaining proper accounting and control over these funds.

Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Which of the following is not classified as an overhead?

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A set of instruments fed into a computer for accomplishing a given task is a/an

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Which of the following is a journal as well as an account?

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The amount allowed off the cost price of an article to stimulate patronage is

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The amount allowed off the cost price of an article to stimulate patronage is called a "trade discount." Trade discount is a reduction in the list price of a product or service offered by a seller to its buyers, with the aim of encouraging bulk purchases or patronage. It is a discount that is deducted from the original selling price before an invoice is issued. Unlike a cash discount, which is given to a buyer for paying an invoice within a specified time period, a trade discount is not tied to the payment terms. Instead, it is given as a reduction in the published price of a product or service. Discount on debt is a reduction in the amount payable by a debtor to a creditor for settling a debt before the due date. Discount on bills, also known as "bill discounting," is a method of borrowing money in which a business sells its accounts receivable or invoices to a third party at a discount to obtain immediate cash.

The art of collecting, recording, presenting and interpreting accounting data is

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The basis of accounting which eliminates debtors and creditors is

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The basis of accounting which eliminates debtors and creditors is the cash basis. This method of accounting records financial transactions based on actual cash inflows and outflows. Under the cash basis, revenue is recorded when cash is received, and expenses are recorded when cash is paid out. The cash basis of accounting is simple and easy to use, making it popular among small businesses and individuals. It is also useful in situations where financial transactions are straightforward, and there are no significant debtors or creditors. In contrast, the accrual basis of accounting records financial transactions when they occur, regardless of when cash is received or paid. This method takes into account debtors and creditors and provides a more accurate picture of an organization's financial position. The fund basis of accounting is used by government and non-profit organizations to track the use of restricted funds. The commitment basis of accounting records anticipated expenses or liabilities before they are incurred. In summary, the cash basis of accounting eliminates debtors and creditors by recording financial transactions based on actual cash inflows and outflows. It is a simple and easy-to-use method of accounting that is useful in straightforward financial transactions.

Which of the following is charged to trading account?

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"Carriage inwards" is charged to trading account. In accounting, the trading account is a financial statement that shows the revenue and expenses directly related to a company's core operations. This includes the cost of goods sold, which is the cost of the products that the company sells. "Carriage inwards" refers to the transportation costs incurred by a company to bring goods into its premises for the purpose of resale. Since these transportation costs are directly related to the purchase and sale of goods, they are considered a part of the cost of goods sold and charged to the trading account. On the other hand, "discounts allowed", "carriage outwards", and "salaries" are not directly related to the cost of goods sold or the core operations of the business. "Discounts allowed" and "carriage outwards" are considered operating expenses and are charged to the profit and loss account. "Salaries" are also considered an operating expense, but may be charged to a separate account, such as the salaries account or the wages account.

A book that contains the account for the financial transactions of an organizations is the

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The book that contains the account for the financial transactions of an organization is called the ledger. The ledger is a primary accounting book that contains a record of all financial transactions related to an organization's accounts. Every financial transaction, including sales, purchases, and payments, is recorded in the ledger, with each transaction listed in a separate account. The ledger provides an overview of an organization's financial position, including its assets, liabilities, revenue, and expenses. The journal is another accounting book that records financial transactions, but it is used to record them in chronological order. The folio is used to reference the page number in the ledger where a particular transaction has been recorded. A register is a general term that can refer to any book or electronic record used to keep track of information related to a specific topic or purpose. In summary, the ledger is the book that contains the account for the financial transactions of an organization, making it an essential tool for accounting and financial management.

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is

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Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is

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Which of the following is not a debit item in a creditor's control account?

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Which of the following columns of a three column cash book are memoranda? i. Discount ii. Discount allowed iii. Cash iv. Bank

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Which of the following is not used in solving problems of incomplete records?

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The balance sheet is not typically used in solving problems of incomplete records. Incomplete records refer to situations where a business's financial records are not complete or accurate, such as when some transactions are missing or improperly recorded. To solve such problems, accountants typically rely on various methods, such as control accounts, statement of affairs, and cash book. Control accounts are summary accounts used to keep track of the balances of individual accounts, such as accounts receivable and accounts payable. By comparing the control account balances with the corresponding individual account balances, accountants can detect errors or omissions in the records. A statement of affairs is a summary of a company's assets and liabilities at a particular point in time. It can be used to determine the company's net worth and to identify any discrepancies in the records. A cash book is a record of all cash transactions, including receipts and payments. It is used to track the company's cash balance and to identify any missing or improperly recorded transactions. The balance sheet, on the other hand, is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time. While it can be useful in providing an overview of a company's financial position, it is not typically used in solving problems of incomplete records, as it does not provide detailed information about individual transactions.

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
If no profit is to be retained, proposed preference shares dividend is

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Bank reconciliation statement reconciles

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A bank reconciliation statement helps to ensure that the bank balance in the cash book matches the bank balance on the bank statement. This is done by comparing and reconciling the transactions recorded in the cash book with those recorded by the bank. The statement helps to identify any differences between the two balances, such as checks that have not yet cleared, deposits that have not been credited, or bank fees that have been charged. Once these differences are identified, adjustments can be made to the cash book to ensure that the bank balance and cash balance are accurate and up-to-date. In summary, a bank reconciliation statement reconciles the bank balance in the cash book with the bank balance on the bank statement, ensuring that they match and any discrepancies are corrected.

Which of the following is not a debit item in a partnership appropriation account?

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Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of

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The concept being described here is "garbage in, garbage out". It means that the output produced by a computer system is only as good as the input that is provided. In other words, if the input is inaccurate or incomplete, the output will also be inaccurate or incomplete. This concept emphasizes the importance of ensuring that the input provided to a computer system is accurate and complete, in order to ensure that the output produced is also accurate and useful. It also highlights the need for data validation and quality control measures to be put in place to ensure that the input is of good quality. For example, if a computer program is designed to calculate the average of a set of numbers, but some of the numbers entered are incorrect, the output produced by the program will also be incorrect. Similarly, if data is missing or incomplete, the output produced by a program that relies on that data will also be incomplete or inaccurate. Therefore, it is essential to ensure that the data entered into a computer system is accurate, complete, and of good quality, to ensure that the output produced is reliable and useful.

Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The adjustment cash book balance is

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Public sector accounting is practiced in

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Public sector accounting is primarily practiced in government organizations, which include agencies, ministries, and departments that are funded by public funds. The purpose of public sector accounting is to ensure that public resources are used effectively and efficiently to meet the needs of citizens. This involves the use of specific accounting principles, such as fund accounting and budgeting, to track and manage public funds. While profit-making organizations, such as public limited companies, also use accounting principles, the focus of their accounting is on generating profits for shareholders, rather than on serving the public interest. Public training companies may also use accounting principles, but they are not typically part of the public sector, as they are not funded by public funds or tasked with meeting the needs of citizens.

The unit which keeps government's books of accounts is the

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The unit which keeps the government's books of accounts is the Treasury Department. The Treasury Department is responsible for managing the government's finances, including collecting revenue, making payments, and keeping track of all financial transactions. It is also responsible for preparing the government's budget, managing public debt, and ensuring compliance with financial regulations. Essentially, the Treasury Department acts as the government's bank, keeping track of all its financial activities and ensuring that the government's finances are managed properly.

Which of the following is not a revenue account?

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The account that is not a revenue account is "purchases." Revenue accounts are used to track all the income earned by a company. The four options provided in the question are all related to revenue except for "purchases." Purchases refer to the amount of money spent by a company to acquire goods or services for resale or use in the operation of the business. It is an expense account and not a revenue account. In simpler terms, revenue accounts are for tracking money earned by a company, while the purchases account is for tracking money spent by the company.

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was

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Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was

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Cross referencing among different books of accounts is achieved with the use of

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Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Prime cost is

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Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was

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The reducing balance method is a type of depreciation method where the value of the asset decreases over time by a fixed percentage of the remaining value. In this case, the depreciation rate is 10%, which means that every year, the value of the asset will decrease by 10% of its remaining value. To calculate the depreciation charged for year 2002, we need to determine the value of the asset on January 1, 2002. Since we are not given any information about the depreciation charged in 2002, we can assume that the entire depreciation for the year was charged upfront, which means that the value of the asset on January 1, 2002, was the original cost of ₦1,000,000. To calculate the depreciation charged for year 2003, we need to determine the value of the asset on January 1, 2003. Since we know that the asset was purchased on January 1, 2002, we can assume that the asset was one year old on January 1, 2003. Therefore, its value on that date would be: Value on January 1, 2003 = Original cost - Depreciation charged in 2002 Value on January 1, 2003 = ₦1,000,000 - ₦100,000 (10% of ₦1,000,000) Value on January 1, 2003 = ₦900,000 Now, we can calculate the depreciation charged for year 2003 as follows: Depreciation charged in 2003 = 10% of (Value on January 1, 2003 + Addition to motor vehicles) Depreciation charged in 2003 = 10% of (₦900,000 + ₦600,000) Depreciation charged in 2003 = 10% of ₦1,500,000 Depreciation charged in 2003 = ₦150,000 Therefore, the depreciation charged for year 2003 is ₦150,000 (Option B).

Which of the following is not a revenue expenditure?

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The option that is not a revenue expenditure is "purchases of motor vehicle". Revenue expenditures are expenses incurred in the normal course of business operations and are charged to the income statement as expenses. These expenditures are used up or consumed within the current accounting period and are not expected to provide future benefits beyond the current accounting period. Payments of salaries and advertisement expenses are examples of revenue expenditures because they are normal operating expenses that are necessary to generate revenue for the business. On the other hand, purchases of goods and services that are intended for resale or to be used in the production of goods for resale are also considered revenue expenditures. However, purchases of motor vehicles are not considered revenue expenditures because they are classified as capital expenditures, which involve the acquisition of long-term assets that provide future benefits to the business beyond the current accounting period.

Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of goods manufactured is

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Where the head office maintains all books of account, goods sent to branch is credited to

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Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was

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Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Rent expenses for the year 2005 is

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Control accounts are also known as

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