2000 - WAEC Accounting Past Questions and Answers - page 2
11
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. Capital reserve was
A
N1,500
B
N1,000
C
N500
D
N150
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12
The entries necessary for recording profit loading on goods sent to branch are
A
debit branch stock account, credit branch stock adjustment account
B
credit branch stock Adjustment account, debit goods, debit goods sent to branch account
C
debit goods sent to branch account, credit branch stock account
D
debit branch stock adjustment account, credit branch stock account
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13
Expenses incurred when incorporating a company are
A
preliminary expenses
B
selling expenses
C
administrative expenses
D
financial expenses
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14
Gross Profit of a business is the
A
excess of sales over all the trading expenses
B
difference between sales and purchases
C
excess of sales over the cost of goods sold
D
difference between discounts received and discount allowed
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15
Prepaid rent of N650 had been recorded as N560. This is an error of
A
commission
B
principle
C
compensation
D
original entry
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16
When a buyer is undercharged, the seller forwards
A
a debit note
B
a credit note
C
an undercast note
D
a payment receipt
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17
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
A
N2,000
B
N1,700
C
N1,400
D
N1,300
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18
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
A
current lability
B
current asset
C
long term liability
D
fixes asset
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19
In computing, external storage is called
A
backing storage
B
logging storage
C
primary storage
D
extra storage
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20
Profit expressed as a fraction of the selling price is known as
A
mark-up
B
margin
C
gross profit
D
net profit
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