1997 - WAEC Accounting Past Questions and Answers - page 4
31
The amount of a company's profit given to a shareholder is known as
A
premium
B
dividend
C
insterst
D
allotment
correct option: b
Users' Answers & Comments32
Which of the following best described the path of a transaction?
A
Source documents to Journal to Ledger
B
Source documents to Ledger to Journal
C
Journal to Ledger to source documents
D
Journal to source documents to Ledger
correct option: a
Users' Answers & Comments33
Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing
A
Total Debtors and Creditors Accounts
B
Bank Reconciliation Statement
C
Statement of Affairs
D
Trading, Profit and Loss Accounts
correct option: c
Users' Answers & Comments34
Rent receivable is a
A
current asset
B
current liability
C
contingent liability
D
ficititous asset
correct option: b
Users' Answers & Comments35
Which of the following is a factory overhead?
A
carriage on raw materials
B
purchase of raw materials
C
production wages
D
direct expenses
correct option: e
Users' Answers & Comments36
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The purchase consideration was
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The purchase consideration was
A
N24,000
B
N23,000
C
N20,000
D
N15,000
correct option: a
Users' Answers & Comments37
Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The amount of goodwill was
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
The amount of goodwill was
A
N4,000
B
N3,000
C
N2,000
D
N1,6000
correct option: e
Users' Answers & Comments38
When a share is sold for less than its nominal value, the difference is called
A
discount
B
reserve
C
premium
D
loss
correct option: a
Users' Answers & Comments39
Which of the following serves the same purpose as a Trading Account?
A
Branch Adjustment Account
B
Goods sent to Branch Accout
C
Branch Stock Account
D
Branch Debtors Account
correct option: c
Users' Answers & Comments40
Which of the following is not a revenue receipt?
A
Receipt from sales of goods
B
Rent from premises sublet
C
Interest on savings account
D
cash on sale of fixed asset
correct option: e
Users' Answers & Comments