2000 - WAEC Accounting Past Questions and Answers - page 2

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

The entries necessary for recording profit loading on goods sent to branch are

Expenses incurred when incorporating a company are

Gross Profit of a business is the

Prepaid rent of N650 had been recorded as N560. This is an error of

When a buyer is undercharged, the seller forwards

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

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

In computing, external storage is called

Profit expressed as a fraction of the selling price is known as