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.
When a shareholder fails to pay the calls requested from him, this situation leads to
Aforfeiture of shares
Bbonus shares
Cover-subscription
Dright issues
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Question 2
waec1999
Which of the following is nit a petty cash book item? purchase of
Amachinery
Bstamps
Coffice pins
Dmilk
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Question 3
waec1999
Into how many major types can general purpose computers be classified?
Asix
Bfive
Cfour
Dthree
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Question 4
waec1999
A sale of goods to audu was not posted. This is an error of
Aomission
Bcompensation
Ccommission
Dprinciple
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Question 5
waec1999
Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at
AN14,480
BN12,000
CN9,830
DN7,130
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Question 6
waec1999
The total share capital which a company would be allowed to issue is known as
Aissued share capital
Bauthorised share capital
Cworking capital
Dfixed capital
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Question 7
waec1999
Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The unissued capital of the company is
AN310,000
BN300,000
CN210,000
DN100,000
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Question 8
waec1999
Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The company's paid-up capital is
AN310,000
BN290,000
CN210,000
DN190,000
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Question 9
waec1999
The authority of the Accountant General to disburse from government fund is called
Aestimate
Bwarrant
Cprovision
Dvote
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Question 10
waec1999
Purchases of goods from Obi had been entered in Obike's Account. This is an error of
Aomssion
Bcompensation
Ccommission
Doriginal entry
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Question 11
waec1999
One mega byte is equal to
A8 bytes
B1 millin bytes
C10 million bytes
D1 billion bytes
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Question 12
waec1999
A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as
Acertificate
Bagreement
Cbank loan
Ddebenture
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Question 13
waec1999
Recurrent expenditure of government is paid from
Acontingenecies fund
Breserve fund
Cdevelopment fund
Dconsilidated fund
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Question 14
waec1999
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
AN1,000
BN960
CN933
DN820
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Question 15
waec1999
A balance sheet is a
Aform of trading account
Bproof of arithmetical accuracy of postings
Cstatement showing profits at a certain date
Dstatement showing assets and liabilities at a cretain date
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Question 16
waec1999
Which of the following entries is made damaged goods are returned to the supplier?
Asupplier's account is debited and the purchasers account credited
Breturns outwards account is debited and the supplier's account credited
Cpurchaser's Account is debited and the supplier's account credited
Dsupplier's account is debited and the returns Outwards Account creddited
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Question 17
waec1999
A trial Balance is the
Anarration of all transactions and accounts
Bdebit balances of the accounts
Clist of all balances extracted from the ledger
Dlist of all credit balances in the ledger
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Question 18
waec1999
The purpose of the trading account is to ascertain
Acarriage outwards
Bgross profit
Cdistribution expenses
Dnet profit
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Question 19
waec1999
A suspense Account is used to
Arecoed difference in the books until errors are located
Baccumulate debit and credit balances
Caccomodate debit balances of profit statements
Drecord accounts of the general ledger
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Question 20
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
