2007 - WAEC Accounting Past Questions and Answers - page 5
41
In the absence of partnership agreement, a loan by a partner attracts interest at
A
20%
B
15%
C
10%
D
5%
correct option: d
Users' Answers & Comments42
Which of the following is not a data processing method?
A
manual
B
mechanical
C
electronic
D
formatting
correct option: b
Users' Answers & Comments43
The correct sequence in data processing is
A
input \(\to\) process \(\to\) output
B
input \(\to\) output \(\to\) process
C
process \(\to\) input \(\to\) output
D
process \(\to\) output \(\to\) input
correct option: a
Users' Answers & Comments44
Use the following information to answer the given question
\(\begin{array}{c|c}year & profit \ \hline 2003 & Le 40,000\ 2004 & Le 48,000\ 2005 & Le 62,000\end{array}\)
The value of goodwill calculated at 3 years purchase of annual profit is
\(\begin{array}{c|c}year & profit \ \hline 2003 & Le 40,000\ 2004 & Le 48,000\ 2005 & Le 62,000\end{array}\)
The value of goodwill calculated at 3 years purchase of annual profit is
A
Le 450,000
B
Le 150,000
C
Le 50,000
D
Le 48,000
correct option: c
Users' Answers & Comments45
The maximum amount which a company is allowed to raise through the sale of shares is
A
authorized capital
B
paid-up capital
C
issued capital
D
working capital
correct option: a
Users' Answers & Comments46
The double entry in the books to write off goodwill is
A
debit Goodwill account, credit capital account
B
debit Goodwill account, credit revaluation account
C
debit profit and loss appropriation account, credit Goodwill account
D
debit Trading account, credit Goodwill account
correct option: c
Users' Answers & Comments47
Holder of ordinary shares do not have the right to
A
participate in additional issue of shares
B
vote at annual general meetings
C
elect the board of directors
D
receive dividends at a predetermined rate
correct option: d
Users' Answers & Comments48
Which of the following is not a real account?
A
building account
B
motor vehicle account
C
patents account
D
furniture account
correct option: c
Users' Answers & Comments49
An example of capital gain s
A
premium
B
bonus
C
shares
D
debenture
correct option: a
Users' Answers & Comments50
Which of the following attracts a fixed rate of dividend?
A
ordinary shares
B
founder's shares
C
preference shares
D
defferred shares
correct option: c
Users' Answers & Comments