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Cdebit profit and loss appropriation account, credit Goodwill account
Ddebit Trading account, credit Goodwill account
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Question 903
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 904
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 905
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 906
waec2007
Which of the following is not a data processing method?
Amanual
Bmechanical
Celectronic
Dformatting
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Question 907
waec2007
In the absence of partnership agreement, a loan by a partner attracts interest at
A20%
B15%
C10%
D5%
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Question 908
waec2007
Which of the following is not used for determining working capital?
Acash
Bdebtors
Cmotor vehicles
Doverdraft
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Question 909
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 910
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 911
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 912
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 913
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 914
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 915
waec2007
Which of the following is not an accounting convention?
Amaternity
Bconsistency
Cbusiness entity
Dperiodicity
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Question 916
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 917
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 918
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 919
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 920
waec2007
The assumption that a business has perpetual existence is recognized by
