2003 - WAEC Accounting Past Questions & Answers - page 1

1
An unfavourable balance of trade for a country means that her?
A
exports exceed imports
B
visible exports exceed invisible import
C
invisible exports exceed visible exports
D
imports and exports are equal
CORRECT OPTION: b
2
A chain store is known as?
A
department store
B
multiple store
C
supermarket
D
hypermarket
CORRECT OPTION: b
3
A net force of 15N acts upon a body of mass 3kg for 5s, calculate the change in the speed of the body
A
25.0ms-1
B
9.0ms-1
C
2.5ms-1
D
1.0ms-1
CORRECT OPTION: c
Ft = M(v - u)

v - u = \(\frac{15 \times 5}{0.5} = 10N\)
4
The transformation of pieces of information into a more useful format is
A
data processing
B
information processing
C
computerization
D
system analysis
CORRECT OPTION: a
5
The document which advertises the sale of shares of a company is a/an
A
prospectus
B
debenture
C
statement
D
invoice
CORRECT OPTION: a
6
Which of the following is not an externally visible part of a computer?
A
centra processing unit
B
microchip
C
monitor
D
keyboard
CORRECT OPTION: b
7
Which of the following is the responsibility of a local government?
A
constructing market stalls
B
raising income tax revenue
C
developing highways and tolling them
D
developing major ports for tax purposes
CORRECT OPTION: a
8
The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is
A
apportionment
B
virement
C
appropriation
D
allocation
CORRECT OPTION: b
9
Patient and trade marks are classified under
A
intangible assets
B
current assets
C
fixed assets
D
wasting assets
CORRECT OPTION: a
10
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\ \text{Ordinary share capital of 50 kobo each} & N65,000\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
The amount available as dividend to ordinary shareholders is
A
N75,000
B
N65,000
C
N55,000
D
N52,500
CORRECT OPTION: b
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