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Accounts - Principles of Accounts Past Questions

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1711
Rent receivable is a
  • A. current asset
  • B. current liability
  • C. contingent liability
  • D. ficititous asset
  • E. provision
View Answer & Discuss WAEC 1997
1712
Which of the following is a factory overhead?
  • A. carriage on raw materials
  • B. purchase of raw materials
  • C. production wages
  • D. direct expenses
  • E. depreciation of factory equipment
View Answer & Discuss WAEC 1997
1713
Use the following information to answer this question

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The purchase consideration was
  • A. N24,000
  • B. N23,000
  • C. N20,000
  • D. N15,000
  • E. N8,000
View Answer & Discuss WAEC 1997
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1714
Use the following information to answer this question

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The amount of goodwill was
  • A. N4,000
  • B. N3,000
  • C. N2,000
  • D. N1,6000
  • E. N1,000
View Answer & Discuss WAEC 1997
1715
When a share is sold for less than its nominal value, the difference is called
  • A. discount
  • B. reserve
  • C. premium
  • D. loss
  • E. goodwill
View Answer & Discuss WAEC 1997
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