Hot Cost Accounting Questions For 2023 WASSCE Students

Ghanaeducation.org has compiled some hot Cost Accounting Questions for WASSCE Students. Check out these hot 6 Cost Accounting Questions For WASSCE 2023 below.
Hot Cost Accounting Questions For 2023 WASSCE Students
1.(a) List four items each that are found on the (i) credit side of the sales ledger control account; (ii) debit side of the purchases ledger control account.
(b) List seven types of errors a trial balance will not reveal.
2.(a) Outline three distinguished features of public and private companies.
(b) State three rights available to an ordinary shareholder.
3.(a) What is depreciation of an asset?
(b) List three causes of depreciation.
(c) Explain the following methods of depreciation:
(i) straight line; (ii) reducing balance; (iii) revaluation.
4.(a)What is a general journal?
(b)State six uses of the general journal
5.Momoh enterprise cashbook showed a debit balance of Le4,500 on December 31, 2014. Further examination revealed the following:
– A direct debit of Le350 for subscription had been paid by the bank – Bank charges of Le500 had not been reflected in the cash book – Payment settled by standing orders were omitted from the cash book; electricity bill Le70, insurance Le100 and medical bill Le120. – A dividend of Le320 paid directly into the bank had not been entered in the cash book – It was discovered that the cash book balance brought down was undercast by Le180. – Cheques amounting to Le4,800 issued had not been presented for payment – Cheques amounting to Le1990 paid into the bank had not yet been credited
You are required to prepare;
(a) The revised cash book
(b) The bank reconciliation statement as at December 31, 2014
READ: 2023 WASSCE: Likely English Composition/Essay Questions
6.The following information was extracted from the books of Daudu Manufacturing company for the year ended 31st December 2012.
Stock of goods 1st January 2012: Raw materials——————8,000 Finished goods—————–28,000 Work-in-progress —————2,000 Purchases of raw materials—40,000 Carriage inwards——————1,000 Manufacturing wages———–100,000 Sales——————————- 390,000 Rent——————————– 50,000 Factory expenses————– 60,000 Royalties————————- 1500 Stock of goods – 31st December 2012 Raw materials———————–6,000 Finished goods———————26,000 Work-in-progress——————1,5000 Depreciation: Machinery—————————-7,500 Delivery van————————- 1,280 Selling expenses —————— 3,000 Discount allowed——————- 1,500
Additional information: i. Factory expenses prepaid amounted to D5,000 ii. Selling expenses accrued was D2,500 iii. Rent is apportioned between factory and selling department in the ratio 5:3 respectively.
You are required to prepare Manufacturing, Trading, and Profit and Loss Account for the year ended 31st December 2012.