Accounting Past Questions

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.

119 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

119 questions
Question 1 of 20 119 total questions
Question 1
waec 2015

The quality of output information depends on the

AQuality of input data
BTime of processing
CSpeed of processing
DQuantity of output service
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Question 2
waec 2015

Which of the following is a spreadsheet application?

AExcel
BWord
CInternet
DWindows
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Question 3
waec 2015

Which of the following is found on the credit side of a partnership's appropriation of profit account?

AInterest on capital
BInterest on drawings
CShare of profit
DDrawings
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Question 4
waec 2015

Which of the following relates to cash basis of accounting?

AAccruals and prepayments are considered
BDebtors and creditors are recorded
CFixed assets are written off in the year of purchase
DProfits are maximized
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Question 5
waec 2015

The instrument used to release fund which the minister of finance has earlier withheld is

AReserve expenditure warrant
BSupplementary general warrant
CProvisional general warrant
DSupplementary statutory warrant
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Question 6
waec 2015

Which of the following is a source of revenue for a local government?

APersonal income tax
BCompany registration fees
CRoyalties
DMarket tolls
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Question 7
waec 2015

Goods stolen at the branch is debited to

ADefalcations account
BBranch stock account
CBranch adjustment account
DBranch debtors account
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Question 8
waec 2015
Which of the following expenses is allocated according to the floor area?
AWages and Salaries
BRent and Rates
CCanteen Expenses
DDiscount allowed
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Question 9
waec 2015

A person who has applied to purchase shares in a company is referred to as ?

AA promoter
BA subscriber
CAn allottee
DAn underwriter
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Question 10
waec 2015

The document which sets out the internal arrangement for the proper management of a company is the

AProspectus
BArticle of association
CMemorandum of association
DCertificate of incorporation
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Question 11
waec 2015

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

The double entry to record the good will in the books is debit

ACash account and credit goodwill account
BGoodwill account and credit purchase of business account
CGoodwill account and credit cash account
DPurchase of business account and credit cash account
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Question 12
waec 2015

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

How much was paid for goodwill?

AGH¢ 350,000
BGH¢ 260,000
CGH¢ 90,000
DGH¢ 60,000
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Question 13
waec 2015
Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Bola's share of profit is
AN4,500
BN4,250
CN3,000
DN2,750
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Question 14
waec 2015
Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Ade's share of profit is
AN5,500
BN4,250
CN2,750
DN1,250
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Question 15
waec 2015

In which of the following accounts is interest on partners capital found?

AProfit and Loss
BTrading
CIncome surplus
DProfit and Loss appropriation
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Question 16
waec 2015

In which of the following is not stated in the partnership agreement?

AProfit sharing ratio
BInterest on capital
CInterest on fixed asset
DPurpose of partnership
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Question 17
waec 2015

Goodwill is recognized in partnership accounts when

AThe business makes a huge profit
BThe business has good customer relationship
CA partner is dormant
DA new partner is admitted
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Question 18
waec 2015

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

ABusiness entity
BGoing concern
CConsistency
DDuality
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Question 19
waec 2015

The accounting concept that assumes that a business will continue operating for an indefinite period is

ABusiness entity
BGoing concern
CConsistency
DDuality
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Question 20
waec 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

AMateriality
BAccural
CGoing concern
DBusiness Entity
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