Waec Commerce 1997 Past Questions and Answers

Question 76:

• WAEC 1997

Assets of a business which cannot easily be changed into cash are known as

A. Floating capital
B. Fixed capital
C. Working capital
D. Paid-up capital
E. Current capital

Question 77:

• WAEC 1997

The imposition of high tariff on imported goods by the customs authority is to

A. Protect businessmen
B. Encourage imports
C. Encourage the consumption of foreign goods
D. Discourage exports
E. Protect infant industries

Question 78:

• WAEC 1997

Who among the following has no right of ownership to a business organization?

A. Shareholder
B. Enterpreneur
C. Partner
D. Debenture holder
E. Sole-proprietor

Question 79:

• WAEC 1997

From the following figures in the accounting books of XY company, calculate its working capital : stock #2,000; cash #1,500; Creditors #1,000; Bank overdraft #1,400

A. #5,900
B. #1,900
C. #1,100
D. #900
E. #100

Question 80:

• WAEC 1997

If goods invoiced at #1,500 were sold to Etim at less 15% trade discount, he would pay

A. #1,725.00
B. #1,425.00
C. #1,275.00
D. #1,225.00
E. #1,200.00