Waec Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 41:

• WAEC 2015

Use the following information to answer the question belowMr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
The double entry to record the good will in the books is debit

A. Cash account and credit goodwill account
B. Goodwill account and credit purchase of business account
C. Goodwill account and credit cash account
D. Purchase of business account and credit cash account

Question 42:

• WAEC 2015

The document which sets out the internal arrangement for the proper management of a company is the

A. Prospectus
B. Article of association
C. Memorandum of association
D. Certificate of incorporation

Question 43:

• WAEC 2015

A person who has applied to purchase shares in a company is referred to as ?

A. A promoter
B. A subscriber
C. An allottee
D. An underwriter

Question 44:

• WAEC 2015

Which of the following expenses is allocated according to the floor area?

A. Wages and Salaries
B. Rent and Rates
C. Canteen Expenses
D. Discount allowed

Question 45:

• WAEC 2015

Goods stolen at the branch is debited to

A. Defalcations account
B. Branch stock account
C. Branch adjustment account
D. Branch debtors account