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.
Which of the following belongs to the sales ledger?
AMotor Van Disposal account
BBank Account
CDebtors Account
DRent and Rates Account
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Question 2
waec2002
A suspense account is used to
Arecord sales
Bagree the trial balance
Crecord purchases
Dprepare the balance sheet
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Question 3
waec2002
Subscriptions in arrears is treated in the balance sheet of a club as
Acurrent liability
Bintangible assets
Cfictitious asset
Dcurrent asset
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Question 4
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"Accountants do not count chickens before they are climbed". This is the concept of
Aaccrual
Bmateriality
Crealisation
Dgoing-concern
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Question 5
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The total amount of money set aside for a particular purpose by government is
Afund
Bvote
Cvirement
Dbudget
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Question 6
waec2002
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. The amount carried in the Balance sheet is classified as
Acurrent asset
Bcurrent liability
Ccapital
Dlong-term liability
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Question 7
waec2002
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?
AN45,000
BN12,000
CN9,000
DN4,500
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Question 8
waec2002
Depreciation is
Acost of repairs incurred on a fixed asset
Ba charge for the wear and tear of fixed assets
Cthe cost incurred on replacing a fixed asset
Dprovision for loss of fixed asset
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Question 9
waec2002
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?
AN45,000
BN42,000
CN36,000
DN33,000
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Question 10
waec2002
Which of the following is not an input device?
Adiskette
Bcard
Ckeyboard
Dprinter
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Question 11
waec2002
Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account
Ai and ii
Bii and iii
Ci and iii
Di,ii and iii
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Question 12
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is
AN35,500
BN25,000
CN21,000
DN20,000
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Question 13
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is
AN30,000
BN25,500
CN25,000
DN10,000
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Question 14
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
AN20,000
BN10,500
CN5,000
DN4,000
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Question 15
waec2002
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde's capital is
AN10,000
BN5,000
CN4,000
DN1,500
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Question 16
waec2002
Partner's interest on capital is shown in the
Aprofit and loss account
Bpartners Fixed Capital account
Cprofit and loss Appropriation
Dtrading account
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Question 17
waec2002
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
Aaccrual
Bmateriality
Cprudence
Dgoing-concern
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Question 18
waec2002
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
Atrade discount
Bcash discount
Cquantity discount
Drebate
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Question 19
waec2002
Partner's interest on capital is shown in the
Aprofit and loss Account
Boartners fixed capital account
Cprofit and loss appropriation account
Dtrading account
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Question 20
waec2002
A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of
