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Accounts - Principles of Accounts 2000 WAEC Past Questions

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11
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. Capital reserve was
  • A. N1,500
  • B. N1,000
  • C. N500
  • D. N150
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12
The entries necessary for recording profit loading on goods sent to branch are
  • A. debit branch stock account, credit branch stock adjustment account
  • B. credit branch stock Adjustment account, debit goods, debit goods sent to branch account
  • C. debit goods sent to branch account, credit branch stock account
  • D. debit branch stock adjustment account, credit branch stock account
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13
Expenses incurred when incorporating a company are
  • A. preliminary expenses
  • B. selling expenses
  • C. administrative expenses
  • D. financial expenses
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14
Gross Profit of a business is the
  • A. excess of sales over all the trading expenses
  • B. difference between sales and purchases
  • C. excess of sales over the cost of goods sold
  • D. difference between discounts received and discount allowed
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15
Prepaid rent of N650 had been recorded as N560. This is an error of
  • A. commission
  • B. principle
  • C. compensation
  • D. original entry
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