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.
A stock as a form of capital of a company comprises
Atons of merchandise
Bunits of goods
Cunits of shares
Dbundles of wares
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Question 2
waec2009
A debenture holder is a
Acreditor
Bpromoter
Cdebtor
Dshareholder
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Question 3
waec2009
Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, Abu's balance at the end of the month is
A₦30,505 cr.
B₦9,505 cr.
C₦9,505 dr.
D₦30,500 dr.
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Question 4
waec2009
Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania's books, to record the payment of ₦30,505 cr.40,005 by Abu
Adebit cash account, credit Abu's account
Bdebit Abu's account, credit cash account
Cdebit cash account, credit sales account
Ddebit sales account, credit cash account,
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Question 5
waec2009
Which of the following is debited to partner's current account?
Acapital
Binterest on capital
Cdrawings
Dshare of profit
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Question 6
waec2009
A medium of imputing data into the computer is through the use of the
Akeyboard
Bmonitor
Csoftware
Dhardware
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Question 7
waec2009
Which of the following is a self-balancing account?
Acapital
Binterst on capital
Cdrawings
Dshare of profit
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Question 8
waec2009
Hardware in data processing refers to
Aprograms runs on the computer
Bentry and storage of information on computer
Cmicrosoft disc operating system
Dmechanical components of the computer
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Question 9
waec2009
As evidence of payment to a government treasury, revenue collectors issue
Atreasury card
Breceipt voucher card
Ctreasury receipt
Dpayment voucher
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Question 10
waec2009
The depreciation on plant acquired by a manufacturing company is treated as
Aprime cost
Badministrative expenses
Cfactory overhead
Dselling and distribution expenses
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Question 11
waec2009
Use the following information to answer the given question
\(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d} & & & 2,000 \\ \text{3/1/06 '23456'} & 500 & & 1,500\\ \text{4/1/06 Deposit} & & 1,000 & 2,500\\ \text{5/1/06 Deposit} & & 1500 & 4,000\\ \text{6/1/06 '23457'} & 3,000 & & 1,000\end{array}\)
Total withdrawal is
A₦3,500
B₦2,500
C₦2,000
D₦1,000
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Question 12
waec2009
The authority of the Accountant-General to disburse from government fund is
Aprovision
Bwarrant
Cvote
Destimate
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Question 13
waec2009
Which of the following is found in a Sales Ledger Account?
Acredit purchases
Bbill payable
Cdiscount received
Ddiscount allowed
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Question 14
waec2009
Prepayment is treated in the balance sheet of firm as a
Afixed asset
Blong-term liability
Ccurrent asset
Dcurrent liability
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Question 15
waec2009
Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings
Ai,ii and iii only
Bii and iii only
Cii and iv only
Diii and iv only
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Question 16
waec2009
An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?
A₦2,250
B₦2,160
C₦1,800
D₦1,440
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Question 17
waec2009
S. Sule sets aside from his private funds ₦20.000 is referred to as
Adrawings
Bcapital
Cloan
Dprofit
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Question 18
waec2009
In the balance sheet, the balance on the provision for Depreciation Account shown as
Aaddition to fixed assets
Bdeduction from fixed assets
Caddition to capital
Dduduction from current liabilies
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Question 19
waec2009
Which of the following is not part of the double entry system?
Atrading account
Bproffit and loss account
Cappropriation account
Dbalance sheet
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Question 20
waec2009
A service which a firm has enjoyed, but has not yet been paid for is
