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Accounts - Principles of Accounts 2002 WAEC Past Questions

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21
The amount for which a business is sold is
  • A. purchase consideation
  • B. premium
  • C. capital reserve
  • D. goodwill
View Answer & Discuss (1) WAEC 2002
22
Into how many types can general purpose computers be classified?
  • A. three
  • B. four
  • C. five
  • D. six
View Answer & Discuss WAEC 2002
23
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is
  • A. N32,750
  • B. N20,150
  • C. N19,750
  • D. N11,000
View Answer & Discuss (1) WAEC 2002
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24
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
  • A. N28,500
  • B. N20,150
  • C. N19,750
  • D. N17,000
View Answer & Discuss WAEC 2002
25
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is
  • A. N32,000
  • B. N26,000
  • C. N25,600
  • D. N14,000
View Answer & Discuss WAEC 2002
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