Waec Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 26:

• WAEC 2004

Goodwill is taken into account in partnership when

A. The business has good customer relations
B. The business is making huge profit
C. A new partner is admitted
D. A parner becomes dormant

Question 27:

• WAEC 2004

The excess of current assets over current liabilities is

A. Working capital
B. Preference capital
C. Loan capital
D. Founder's capital

Question 28:

• WAEC 2004

A class of preference shares in which dividend rights are carried forward is

A. Cumulative
B. Participating
C. Redeemable
D. Floating-rate

Question 29:

• WAEC 2004

The class of shareholders who are paid last in the event of wedding-up are

A. Ordinary
B. Preference
C. Founder
D. Treasury

Question 30:

• WAEC 2004

When both debit and credit entries in respect of a transaction are made in the same ledger account, this is

A. A ledger entry
B. An accounting entry
C. A folio entry
D. A contra entry