Waec Accounting Past Questions For Year 2016
Question 46
In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as
- A. Bonus
- B. Goodwill
- C. Net profit
- D. Premium
Question 47
Which of the following expenses is apportioned between departments based on sales?
- A. Discount received
- B. Electricity
- C. Carriage inwards
- D. Carriage outwards
Question 48
Which of the following errors will affect the agreement of the trial balance?
- A. Error of original entry
- B. Error of commission
- C. Error of transposition
- D. Error of omission
Question 49
The financial statement which is an expression of the accounting equation is the
- A. Trading account
- B. Profit and loss account
- C. Balance sheet
- D. Statement of cash flow
Question 50
When a fixed asset is disposed off, the accounting entries to write off the asset are Debit
- A. Profit and loss account; credit asset disposal account
- B. Asset disposal account; credit profit and loss account
- C. Asset disposal account, credit asset account
- D. Profit and loss account; credit provision for depreciation account
