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 date lines is correct for a profit and loss account?
Afor the year ended 31st December 2009
Bas 31st December 2009
Cfor the period 31st December 2009
Das at the year 2009
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Question 2
waec2011
Provision for depreciation on delivery van is charged to
Atrading account
Bprofit and loss account
Cappropriation account
Dmanufacturing account
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Question 3
waec2011
The concept which states that assets are not to be recorded at their current market value is
Amoney measuremen
Bmateriality
Ccost
Dentity
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Question 4
waec2011
Which of the following is not used in Public accounting?
Acash book
Btrial balance
Cprofit and loss account
Dbank reconciliation statement
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Question 5
waec2011
The business entity concept
Aseperates the owner's transactions from the business transactions
Brecords transactions outside the business
Cdoes not seperate the owner's trasactions from the business transactions
Dinvolves other business transactions
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Question 6
waec2011
The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is
ALe 325 overdraft
BLe 325
CLe 1,275
DLe 1,275 overdraft
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Question 7
waec2011
The process of recording financial transactions of government is
Amanagement accounting
Bfinancial accounting
Ccost accounting
Dpublic sector accounting
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Question 8
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
the total cash received from customer is
AD68,942
BD60,000
CD43,220
DD41,336
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Question 9
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
Net sales is
AD41,878
BD41,336
CD41,284
Dd39,400
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Question 10
waec2011
The diagrammatic representation of the workings of the computer program is
Aflow chart
Bdesktop
Ckeyboard
Dbyte
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Question 11
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When shares are issued to the public and the issuing company has not requested for payments, it is referred to as
Aauthorized capital
Bpaid-up capital
Cuncalled capital
Dunissued capatal
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Question 12
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Rent owed by a department is treated in the Balance sheet as
Aasset of the business
Basset of the department
Cliability of the business
Dliability of the department
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Question 13
waec2011
computer memory sizes are measured in
Akilometers
Bkilowatts
Ckilobytes
Dcentimetres
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Question 14
waec2011
Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price plus makeup percentage iii. cost price
Ai and ii
Bi and iii
Cii and iii
Di, ii and iii
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Question 15
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Which of the following is not an example of capital reserve?
Ashare premium
Bretained profits
Csurplus on revaluation of assets
Dpre-incorporation profits
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Question 16
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The concept which deals with the exclusion of trivial items in the accounting records is
Aconstitency
Bgoing concern
Cmateriality
Dmoney measurement
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Question 17
waec2011
A debenture is
Aa loan capital raised by a company
Bmoney gives to a company as a gift
Caccuerd expenses
Dshare capital
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Question 18
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Which of the following is not a purpose for which share premium may be utilized?
Aissuing fully oaid bonus share
Bwriting off preliminary expenses
Csettling salesman commission
Dproviding for redeemable preference shares
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Question 19
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The first calculating machine in data processing was
Aabacus
Bpascal
Cpunched cards
Ddigital
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Question 20
waec2011
The going concern concept assumes that
Aevery transaction is represented by a debit and credit entry
Bthe currency much not change
Cthe firm is a legal entity
Dthe business will continue to operate indefinitely
