Accounting Past Questions

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50 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

50 questions
Question 1 of 20 50 total questions
Question 1
waec 2018

 ''Below the line'' item in public sector accounting means such an item is--------

Aless than what is budgeted for
Bbudgeted for in the current fiscal year
Cto be carried forward to the next fiscal year
D
View Explanation & Discuss
Question 2
waec 2018

The authority to incur expenditure in the public sector is-------------

Awarrant
Bvote
Cbudget
Dvoucher
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Question 3
waec 2018

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Net book value of fixed assets is----

A22,480
B21,136
C14,354
D14,027
View Explanation & Discuss
Question 4
waec 2018

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Equity holders fund is-------------

A112,471
B111,834
C101,142
D14,027
View Explanation & Discuss
Question 5
waec 2018

Under the cost method in branch accounting, branch gross profit is disclosed in the-------

Agoods sent to branch account
Bbranch debtors account
Cbranch stock account
Dbranch stock adjustment account
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Question 6
waec 2018

The basis of apportionment of insurance on building in departmental accounts is--------

Afloor space occupied by the department
Bpurchase cost of the building
Cvalue of the building
Dnumber of offices in the building
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Question 7
waec 2018

Interim dividend paid in the year is--------

Adebited to the profit and loss account
Bdebited to the income surplus account
Ccredited to the profit and loss account
Dcredited to the income surplus account
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Question 8
waec 2018

The process of distributing shares to successful applicants is------.

Aallocation
Bapportionment
Callotment
Dapplication
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Question 9
waec 2018

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit------

Acash account, credit partners capital account
Basset account; credit cash account
Ccash account; credit realization account
Drealization account; credit cash account
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Question 10
waec 2018

Use the following information to answer the question below

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
                           Obi----------40,000
Drawings Account: Taiwo----12,000
                              Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is---------------

A8,960
B7,404
C4,936
D3,296
View Explanation & Discuss
Question 11
waec 2018

Use the following information to answer the question below

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
                           Obi----------40,000
Drawings Account: Taiwo----12,000
                              Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Taiwo's share of profit is------

A8,960
B7,404
C4,936
D3,296
View Explanation & Discuss
Question 12
waec 2018

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460        New equipment------200
Subscriptions-----520         Cleaner's wage-----540
Donations--------- 500         Stationary----------- 140
Sale of stickers---490         Cash at bank--------110
Entrance fee------670

The surplus for the year is-----------
 

A1,970
B1,890
C1,690
D1,390
View Explanation & Discuss
Question 13
waec 2018

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460        New equipment------200
Subscriptions-----520         Cleaner's wage-----540
Donations--------- 500         Stationary----------- 140
Sale of stickers---490         Cash at bank--------110
Entrance fee------670

The total income received for the year is...........

A2,180
B1,890
C2,640
D1,690
View Explanation & Discuss
Question 14
waec 2018

An event that will not require a change in the profit-sharing ratio of partners in a firm is when

Aa partner dies
Ba partner retires
Ca new partner is admitted
Dpartners assets value appreciates
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Question 15
waec 2018

The parties who are paid last in the event of winding-up are

Apreference shareholders
Bdebenture holders
Cordinary shareholders
Dtrade creditors
View Explanation & Discuss
Question 16
waec 2018

The excess of assets over liabilities in a not for profit organization is--------------

Asurplus
Bdeficit
Cworking capital
Daccumulated fund
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Question 17
waec 2018

Use the following information to answer the question below

                                01/01/2016   31/12/2016
Trade debtors-------80,000           100,000
Trade creditors-----30,000            40,000
Stock-----------------70,000             90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

 

Credit purchase for 2016 is?

A290,000
B230,000
C220,000
D210,000
View Explanation & Discuss
Question 18
waec 2018

Use the following information to answer the question below

                                01/01/2016   31/12/2016
Trade debtors-------80,000           100,000
Trade creditors-----30,000            40,000
Stock-----------------70,000             90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

 

Credit sales for 2016 is?
 

A530,000
B370,000
C350,000
D330,000
View Explanation & Discuss
Question 19
waec 2018

The balance on the sales ledger control account at the end of the accounting year represents a total.........

Atrade debtors at the end of the year
Bcash sales for the year
Ccredit sales for the year
Damount transferred from the sales journal
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Question 20
waec 2018

Use the following information to answer the question that follows

                                                       N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

The total cost of production is

A94,000
B106,000
C111,000
D116,000
View Explanation & Discuss
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