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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.

55 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

55 questions
All JAMB WAEC CUSTOM
All years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Question 1 of 20 55 total questions
Question 1
waec 2001
The excess of current assets over current liabilities is
Aauthourised share capital
Bworking capital work
Cloan capital
Dcalled-up capital
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Question 2
waec 2001
Shares sold at the nominal value are issued at
Aa discount
Ba premium
Ca loss
Dpar
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Question 3
waec 2001
Sale of goods for N600 to Ade was not posted, This is an error of
Aomission
Bcommission
Cprinciple
Dcompensation
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Question 4
waec 2001
Which of the following is a capital expenditure?
Asalaries and wages
Bstationery
Crepairs of motor vehicle
Dpurchase of furniture
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Question 5
waec 2001
Which of the following is not an intangible asset?
ALiancence
Bpatents
Ctrademarks
Dfixtures
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Question 6
waec 2001
The expenditure on a good or service which is consumed either immediately or within a current accounting government?
Aannual expenditure
Bbudgetary expenditure
Ccapital expenditure
Drecurrent expenditure
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Question 7
waec 2001
Which of the government serves as an input, storage and output device of a computer?
Adiskette
Bkeyboard
Cmonitr
Dprinter
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Question 8
waec 2001
Which of the following serve as the main Government Fund used to service all operations of the government?
AGeneral fund
Bconsolidated revenue fund
Cconsolidated reserve fund
Dspecial fund
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Question 9
waec 2001
The Chief accounting officer of the federation is
AMinister of Finance
BAuditor General
CAccountant general
Dchief accountant
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Question 10
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Gross profit is
AN70,000
BN60,000
CN50,000
DN40,000
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Question 11
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Acid test ratio is
A1.8 : 1
B1.7 : 1
C1,5 : 1
D1.2 : 1
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Question 12
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Percentage of net profit to sales is
A40%
B30%
C20%
D10%
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Question 13
waec 2001
Which of the following are correct about a limited liability company? i. Members have power to bind the company ii. Perpetual succession iii. Certificate of incorporation iv. Wound-up on death of a share holder
Aii and iii only
Bi and iv only
Cii and iv ony
Di and iii only
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Question 14
waec 2001
Issue of prospectus is an invitation to members of the public to
Asubscribe for shares
Bregister a company
Credeem shares
Dliquidate a company
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Question 15
waec 2001
An agreement made by partners to regulate and govern their business activities is known as
Apartnership Act
BPartnership Deed
Cpartnership code
DMemorandum
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Question 16
waec 2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is the closing balance in Ali's Current Account?
AN1,600,000 Cr.
BN500,000 Cr.
CN500,000 Dr
DN1,600,000Dr
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Question 17
waec 2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Ali's share of profit?
AN1,650,000
BN1,600,000
CN1,280,000
DN1,100,000
View Explanation & Discuss
Question 18
waec 2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Baba's share of profit?
AN1,650,000
BN1,600,000
CN1,280,000
DN1,100,000
View Explanation & Discuss
Question 19
waec 2001
Profits are recognised when goods are sold. What concept is this
Arealization
Bmatching
Cperiodicity
Dgoing concern
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Question 20
waec 2001
"The Accountant thinks the investment in the books are worthless". This is
Aconsistency concept
Bobjectivity concept
Cconservatism concept
Dmoney measurement concept
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