Waec Commerce 2005 Past Questions and Answers

Question 41:

• WAEC 2005

The nominal capital of a public limited company is made up of 400,000 ordinary shares of 50k each.
The Board of Directors decided to issue 50% of it for subscription by the public.
The reserved capital is

A. #300,000
B. #200,000
C. #100,000
D. #50,000

Question 42:

• WAEC 2005

The nominal value of a share is same as its

A. Market value
B. Below par value
C. Above par value
D. Face value

Question 43:

• WAEC 2005

Which of the following is an intangible asset of a firm

A. Goodwill
B. Reserve
C. Skilled personnel
D. Rights issue

Question 44:

• WAEC 2005

The net profit of a business is determined by

A. Deducting cost of goods sold from sales
B. Deducting purchases from sales
C. Adding commissions recieved to gross profit
D. Deducting all expenses from gross profit and other income

Question 45:

• WAEC 2005

An organization formed mainly by traders on the same line of business is known as

A. Trade union
B. Cooperative society
C. Trade association
D. Chamber of commerce