Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Cdebit profit and loss appropriation account, credit Goodwill account
Ddebit Trading account, credit Goodwill account
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Question 412
waec2007
The maximum amount which a company is allowed to raise through the sale of shares is
Aauthorized capital
Bpaid-up capital
Cissued capital
Dworking capital
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Question 413
waec2007
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
ALe 450,000
BLe 150,000
CLe 50,000
DLe 48,000
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Question 414
waec2007
The correct sequence in data processing is
Ainput \(\to\) process \(\to\) output
Binput \(\to\) output \(\to\) process
Cprocess \(\to\) input \(\to\) output
Dprocess \(\to\) output \(\to\) input
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Question 415
waec2007
Which of the following is not a data processing method?
Amanual
Bmechanical
Celectronic
Dformatting
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Question 416
waec2007
In the absence of partnership agreement, a loan by a partner attracts interest at
A20%
B15%
C10%
D5%
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Question 417
waec2007
Which of the following is not used for determining working capital?
Acash
Bdebtors
Cmotor vehicles
Doverdraft
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Question 418
waec2007
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Quick ratio is
A4 : 1
B3 : 1
C2 : 1
D1 : 1
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Question 419
waec2007
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Current ratio is
A4 : 1
B3 : 1
C2 : 1
D1 : 1
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Question 420
waec2007
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Total assets is
A₦240,000
B₦220,000
C₦200,000
D₦180,000
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Question 421
waec2007
Which of the following bases of accounting does not make allowance for depreciation?
Acash basis
Baccrual basis
Cmatching basis
Dcommitment basis
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Question 422
waec2007
Which of the following formulae is used to calculate stock turnover rate?
A\(\frac{sales}{\text{average stock}}\)
B\(\frac{\text{cost of sales}}{\text{average stock}}\)
C\(\frac{\text{cost of sales}}{\text{opening stock}}\)
D\(\frac{\text{cost of production}}{\text{average stock}}\)
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Question 423
waec2007
In the absence of partnership agreement, profits and losses are shared
Ain the ratio of capitals
Bequally
Cin the ratio of drawings
Daccording to services rendered
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Question 424
waec2007
Which of the following is not an accounting convention?
Amaternity
Bconsistency
Cbusiness entity
Dperiodicity
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Question 425
waec2007
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by
Arealization concept
Bentity concept
Cgoing cornvern concept
Ddual aspect concept
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Question 426
waec2007
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
A₦400(asset)
B₦150(asset)
C₦150(liability)
D400(liability)
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Question 427
waec2007
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A₦5,750
B₦5,350
C₦400
D₦115
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Question 428
waec2007
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
A₦5,750
B₦5,350
C₦400
D₦115
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Question 429
waec2007
The assumption that a business has perpetual existence is recognized by
Aentity concept
Bperiodicity concept
Cgoing-concern concept
Drealisation concept
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Question 430
waec2007
In single entry and incomplete records, the net assets method used to ascertain profit is
Anet asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
Bnet asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
Cnet asset at the end of a period - net asset at the begining of a period - drawings
Dnet asset at the end of a period + additional capital - drawings
