WAEC Accounting Past Questions & Answers - Page 177

881.

When a share is sold for less than its nominal value, the difference is called

A.

Discount

B.

Reserve

C.

Premium

D.

Loss

E.

Goodwill

Correct answer is A

No explanation has been provided for this answer.

884.

Which of the following is a factory overhead?

A.

Carriage on raw materials

B.

Purchase of raw materials

C.

Production wages

D.

Direct expenses

E.

Depreciation of factory equipment

Correct answer is E

No explanation has been provided for this answer.

885.

Rent receivable is a

A.

Current asset

B.

Current liability

C.

Contingent liability

D.

Fictitious asset

E.

Provision

Correct answer is B

No explanation has been provided for this answer.