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.
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is
AN10,350
BN10,200
Cn9,500
DN9,100
View Explanation & Discuss
Question 8
waec2000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
AN5,350
BN5,150
CN4,500
DN4,250
View Explanation & Discuss
Question 9
waec2000
a list of all credit and debit balance from the ledger accounts is
Atrial balance
Bprofit and loss statement
Cstatement of affairs
Dbalance sheet
View Explanation & Discuss
Question 10
waec2000
Which of the following accounts has a debit balance?
Acapital reserve
Brevenue reserve
Cshare premium
Dshare discount
View Explanation & Discuss
Question 11
waec2000
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
AN1,250
BN1,200
CN1,000
DN250
View Explanation & Discuss
Question 12
waec2000
Bills receivable is a
Acurrent liability
Bcurrent asset
Clong-term liability
Dfictitious asset
View Explanation & Discuss
Question 13
waec2000
The double entry for increasing provision for bad debt is debit
Adebtor's account, credit provision for bad debt account
Bprofit and loss account, credit debtor's account
Cdebtor's account, credit profit and loss acount
Dprofit and loss account, credit provision for bad debt account
View Explanation & Discuss
Question 14
waec2000
Which of the following is not an example of input device?
Acard reader
Bkeyboard
Cvisual display unit
Dcentral processing unit
View Explanation & Discuss
Question 15
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
AN1,000 profit
BN500 profit
CN500 loss
DN1,000 loss
View Explanation & Discuss
Question 16
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?
AN9,000
BN5,500
CN4,000
DN3,500
View Explanation & Discuss
Question 17
waec2000
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?
AN9,000
BN5,500
CN3,500
DN2,000
View Explanation & Discuss
Question 18
waec2000
An account is said to have a debit balance because
Athe first entry made in it is on its debit side
Bthere aer more entries on the debit side than on the credit side
Ctotal value of debit entries is more than total value of credit entries
Dthere is no entry at all on the dbit side
View Explanation & Discuss
Question 19
waec2000
The accounting entry for depreciation at the end of each year is to debit
Aprovision for depreciation account and credit machinery account
Bprovision for depreciation account and credit profit and loss account
Ctrading account abd credit provision for depresiation account
Dmanufacturing account and credit provision for depreciation account
View Explanation & Discuss
Question 20
waec2000
The vote book in Public Sector Accounting is used to
