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Accounting Past Questions

Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

69 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

69 questions

Question 1 of 20 69 total questions

Question 1

jamb 2015

The purpose of a trading account is to ascertain

Asales

Bcarriage outwards

Cgross profit or loss

Dnet profit or loss

View Explanation & Discuss

Question 2

jamb 2015

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

Aperiodicity

Bbusiness entity

Cdual aspect

Dgoing concern

View Explanation & Discuss

Question 3

jamb 2015

Which of the following is not a feature of accounting information?

Atimeliness

Baccuracy

Ccompleteness

Daffordability

View Explanation & Discuss

Question 4

jamb 2015

Capital reserves includes the following except

Arevaluation surplus

Bpre-incoporation profit

Cshare premium

Dgeneral reserves

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Question 5

jamb 2015

Income and expenditure account is more detailed than receipts and payments account because it disclosed

Acash

Bcheques

Cdebtors

Dstocks

View Explanation & Discuss

Question 6

jamb 2015

Use the information below to answer this question.

Jejelaye Plc stock records for 2009 was given below:

Jan 1 received 100 units at N1.00

Jan 8 received 260 units at N1.05

Jan 20 issued 700units at .........

Feb 3 received 400 units at N1.15

What will be the issued price of 700 units, using simple average method

AN1.183

BN1.025

CN1.00

DN1.05

View Explanation & Discuss

Question 7

jamb 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

AN7950

BN8050

CN7050

DN8950

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Question 8

jamb 2015

What is the ledger entry for sale of generator on credit to Patrick?

Acredit sales account and debit Patrick’s account

Bcredit generator account and debit cash account

Ccredit sales account and debit cash account

Dcredit generator account and debit Patrick’s account

View Explanation & Discuss

Question 9

jamb 2015

Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)

The prime cost for the company is

AN169, 200

BN44, 200

CN55, 800

DN230, 200

View Explanation & Discuss

Question 10

jamb 2015

Preliminary expenses is an example of

Afictitious assets

Bliquid assets

Cwasting assets

Dtangible assets

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Question 11

jamb 2015

The process of cost apportionment is carried out so that

Aindirect costs may be controlled

Bcost units could gather overhead as they pass through cost centres

Cvariable costs may be controlled

Dcommon costs are shared among cost centres

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Question 12

jamb 2015

To realize an asset means to

Amortgage it

Bopen its account in the ledger

Cturn it to cash

Dgive it out as a collateral

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Question 13

jamb 2015

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

Aappreciation

Bamortization

Cprovisions

Ddepreciation

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Question 14

jamb 2015

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175

How much was received to maintain the imprest at the end of the month?

AN1, 605

BN875

CN2, 450

DN1, 300

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Question 15

jamb 2015

Use the information below to answer this question.

A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue

What is the nominal value of each share

AN2

BN0.80

CN0.60

DN0.50

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Question 16

jamb 2015

Use the following information to answer this question.

Provision for bad debt 1500

Additional information

1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%

How much is to be charged to profit and loss account as provision for bad debt?

AN2, 800

BN1, 000

CN2, 500

DN3, 000

View Explanation & Discuss

Question 17

jamb 2015

If rent account is debited instead of rate account, the error committed is that of;

Aomission

Bcommission

Cprinciple

Doriginal entry

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Question 18

jamb 2015

The loss made by a non profit making organization is called

Adeficit

Bsurplus

Cdiscount

Dshortage

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Question 19

jamb 2015

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

Aprospectus

Bmemorandum of association

Ccompany law

Darticles of association

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Question 20

jamb 2015

An advantage of using accounting ratios is that

Acan be easily calculated

Bshow errors and frauds

Cfacilitate decision making

Dare stipulated by law

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