Accounts - Principles of Accounts 2000 WAEC Past Questions

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A partner who has full power of participating in the conduct of a partnership business is a

A. general partner
B. limited partner
C. sleeping partner
D. nominal partner

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The ratio which measures the solvency of a firm is the

A. quick ratio
B. gross profit over sales ratio
C. stock turnover ratio
D. debtors turnover ratio

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When goods are purchased on account, the accounting entries are

A. debit purchases account, credit supplier's account
B. credit purchases account, debit supplier's account
C. credit bank account, debit purchases account
D. debit bank account, debit purchases account

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Closing stock was overstated. The effect is that

A. amount of goods available was understated
B. cost of goods sold was overstated
C. amount of sales was understated
D. gross profit was overstated

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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. The purchase consideration was

A. N31,500
B. N30,000
C. N28,500
D. N28,000

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Accounts - Principles of Accounts 2000 WAEC Past Questions

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