Waec Accounting Past Questions For Year 2000
Question 11
The ratio which measures the solvency of a firm is the
- A. quick ratio
- B. gross profit over sales ratio
- C. stock turnover ratio
- D. debtors turnover ratio
Question 12
When a buyer is undercharged, the seller forwards
- A. a debit note
- B. a credit note
- C. an undercast note
- D. a payment receipt
Question 13
Prepaid rent of N650 had been recorded as N560. This is an error of
- A. commission
- B. principle
- C. compensation
- D. original entry
Question 14
Gross Profit of a business is the
- A. excess of sales over all the trading expenses
- B. difference between sales and purchases
- C. excess of sales over the cost of goods sold
- D. difference between discounts received and discount allowed
Question 15
Expenses incurred when incorporating a company are
- A. preliminary expenses
- B. selling expenses
- C. administrative expenses
- D. financial expenses
