Accounts - Principles of Accounts 2007 WAEC Past Questions

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In the absence of partnership agreement, a loan by a partner attracts interest at

A. 20%
B. 15%
C. 10%
D. 5%

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Which of the following is not a data processing method?

A. manual
B. mechanical
C. electronic
D. formatting

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The correct sequence in data processing is

A. input \(\to\) process \(\to\) output
B. input \(\to\) output \(\to\) process
C. process \(\to\) input \(\to\) output
D. process \(\to\) output \(\to\) input

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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

A. Le 450,000
B. Le 150,000
C. Le 50,000
D. Le 48,000

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The maximum amount which a company is allowed to raise through the sale of shares is

A. authorized capital
B. paid-up capital
C. issued capital
D. working capital

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Accounts - Principles of Accounts 2007 WAEC Past Questions

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