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Accounts - Principles of Accounts 2005 WAEC Past Questions

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36
The correct order of liquidity is
  • A. stock, debtors, prepayments and cash
  • B. cash, payments, debtors and stock
  • C. stock, cash, debtors and preyaments
  • D. debtors, stock, cash and prepayments
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37
Which of the following ratios measure the ability of a firm to meet short-term obligations?
  • A. net profit margin
  • B. quick asset ratio
  • C. turnover
  • D. creditors ratio
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38
Which of the following is a capital reserve?
  • A. profit and loss account balance
  • B. share premium
  • C. gross profit
  • D. share discount
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39
When shares are sold at less than the nominal value, it means they are issued at
  • A. a premium
  • B. a loss
  • C. a discount
  • D. par
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40
Where goods are invoiced by a firm its branch at cost-plus, the branch stock adjustment accounts is used to determine
  • A. cost price
  • B. branch profit
  • C. selling price
  • D. branch expenses
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