Waec Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 41:

• WAEC 2007

Which of the following is not used for determining working capital?

A. Cash
B. Debtors
C. Motor vehicles
D. Overdraft

Question 42:

• WAEC 2007

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

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

Question 43:

• WAEC 2007

Which of the following is not a data processing method?

A. Manual
B. Mechanical
C. Electronic
D. Formatting

Question 44:

• WAEC 2007

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

Question 45:

• WAEC 2007

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