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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.

47 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

47 questions

Question 1 of 20 47 total questions

Question 1

jamb 2016

What is the total purchase for the period?

AN30,200

BN30,000

CN25,000

DN31,200

View Explanation & Discuss

Question 2

jamb 2016

What is the total sales for the period?

AN37,000

BN36,000

CN35,000

DN40,500

View Explanation & Discuss

Question 3

jamb 2016

The yearly depreciation using the straight line method would be?

AN5,200

BN6,500

CN8,800

DN4,400

View Explanation & Discuss

Question 4

jamb 2016

If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

AN11,000

BN7,000

CN4,000

DN24,000

View Explanation & Discuss

Question 5

jamb 2016

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

ASaka's account and credit discount received account

BAlaka's account and credit discount received account

CDiscount received account and credit Alaka's account

DDiscount allowed account and credit Alaka's account

View Explanation & Discuss

Question 6

jamb 2016

The difference between book keeping and accounting is that while

Abook keeping interprets data, accounting records it

Bbook keeping is regarded as the language of the business accounting ascertians its strength and weakness

Cbook keeping records data accounting interprets it

Dbook keeping summaries information accounting communicatesit

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Question 7

jamb 2016

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

AAdministrative overhead

BDirect labour

CDirect materials

DWork-in-progress

View Explanation & Discuss

Question 8

jamb 2016

The objective of departmental account is to

Aascertain the amount of profits or losses for the enterprise

Bascertain the amount of profits or losses for each department

Cascertain the cost of running the organization

Doffset the loss of each department

View Explanation & Discuss

Question 9

jamb 2016

A business organization prepares departmental account in order to

Aasertian the contribution of each department to the organization

Bascertain interdepartmental transfer

Cbuild other branches

Dknow the number of departments in the organization

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Question 10

jamb 2016

An increase in government expenditure within a year is taken care of by means of

Avirement

Bfinancial regulations

Csupplementary estimate

Dwarrant

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Question 11

jamb 2016

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

Acapital reserve

Brevenue reserve

Cnet income

Dnet loss

View Explanation & Discuss

Question 12

jamb 2016

Which of the following is accounted for in receipts and payments account?

AAccrued expenses on annual dances

BSubscriptions due but not yet received

Cinterest on bank deposit

DDepreciation of the club house

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Question 13

jamb 2016

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A#744,800

B#760,000

C#784,000

D#744,000

View Explanation & Discuss

Question 14

jamb 2016

When stock is withdrawn for personal use, the accounting entries is to debit

Astock account credit drawings

Bdrawing account, credit stock account

Cpersonal account credit cash account

Dcash account, credit personal account

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Question 15

jamb 2016

Purchases can be ascertained through the preparation of a

Astock account

Bsales account

Ctotal debtors control account

Dtotal creditors control account

View Explanation & Discuss

Question 16

jamb 2016

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

A#300

B#400

C#600

D#200

View Explanation & Discuss

Question 17

jamb 2016

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

AI,III,IV

BI,II,III

CI,II,IV

DI and IV

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Question 18

jamb 2016

The trader's capital in a single entry system is ascertained by preparing

Agross profit

Bstatement of affairs

Csuspense account

Dappropriation account

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Question 19

jamb 2016

Which of the foloowing is a credit item in creditors ledger control account?

AReturns outwards

BDiscount Received

CBad debts

DPurchases

View Explanation & Discuss

Question 20

jamb 2016

The total cash and cheques received from customers in a control account is derived from the

Aincome and expenditure account

Bcashbook

Cpurchases day book

Dsales journal

View Explanation & Discuss

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