Waec Accounting Past Questions For Year 2014
Question 26
When shares are issued above their nominal value, the excess above the nominal value is
- A. credited to profit and loss account
- B. debited to share premium account
- C. credited to share capital account
- D. credited to share premium account
Question 27
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
- A. constitency concept
- B. prudence concept
- C. accrual concept
- D. going corncern cocept
Question 28
In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
- A. surplus
- B. shortfall
- C. loss
- D. deficit
Question 29
The primary classification of government expenditure is based on
- A. programs
- B. fund
- C. activity
- D. project
Question 30
When the purchase consideration exceeds the value of business, the difference is
- A. profit
- B. discount
- C. goodwill
- D. reserve
