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Accounting Past Questions

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1,611 questions JAMB 1611 WAEC 1757 CUSTOM 2

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1,611 questions

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Question 91

jamb 2023

Danladi Bako's Statement of Affairs as at 30/06/17

	₦		₦
Capital	??	Fixtures and fittings	4,000
		Stock	20,500
		Sundry debtors	40,000
Creditors	18,000	Bank	??
	78650		78650

What is the value of Dalandi Bako's capital?

A₦60,150

B₦78,650

C₦50,160

D₦60,650

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Question 92

jamb 2023

Danladi Bako's Statement of Affairs as at 30/06/17

	₦		₦
Capital	??	Fixtures and fittings	4,000
		Stock	20,500
		Sundry debtors	40,000
Creditors	18,000	Bank	??
	78,650		78,650

What is his bank balance as at 30/06/17?

A₦14,150

B₦18,500

C₦15,300

D₦65,150

View Explanation & Discuss

Question 93

jamb 2023

Which of the following concepts recognizes the principle of double entry?

Abusiness entity

Baccrual

Cgoing concern

Ddual aspect

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Question 94

jamb 2023

Another name for control accounts is

Atotal account

Bpurchases ledger

Ccreditors' account

Ddebtors' account

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Question 95

jamb 2023

The authority to transfer fund from one head to another within the same organization is called

Afund

Bwarrant

Cvote

Dvirement

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Question 96

jamb 2023

Which of the following is not charged to manufacturing account?

Araw materials

Bfactory wages

Cdirect expenses

Ddistribution expenses

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Question 97

jamb 2023

The part of capital issued only at the time of liquidation of the company is

Aissued capital

Bcalled-up capital

Cpaid-up capital

Dreserved capital

View Explanation & Discuss

Question 98

jamb 2023

The journal has the following headings except

Adate

Bdebit

Cdiscount

Dcredit

View Explanation & Discuss

Question 99

jamb 2023

In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of

A7 \(\frac{1} {2}\) %

B5%

C15%

D10%

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Question 100

jamb 2023

Which of the following is prepared to ascertain the trader's capital under incomplete records?

Astatement of affairs

Bstatement of capital and liabilites

Cstatement of complete records

Dincome statement

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Question 101

jamb 2023

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital:
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000
Segun's share of profit is

A₦12,000

B₦21,400

C₦14,600

D₦16,400

View Explanation & Discuss

Question 102

jamb 2023

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000

The interest on Dairo's drawings is

A₦1,600

B₦1,200

C₦1,400

D₦1,800

View Explanation & Discuss

Question 103

jamb 2023

Which of the following is recorded in the folio column of the journal?

Aparticulars of transactions

Bdate of entries

Call credit and cash sales transactions

Damount of money posted

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Question 104

jamb 2023

Bello withdraws cash from bank to office, this is called ---------- entry

Acredit

Bcontra

Cdouble

Ddebit

View Explanation & Discuss

Question 105

jamb 2023

Given:

I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets

Which of these constitutes dissolution of partnership?

AI,II and III only

BI,II and IV only

CII and IV only

DII and III and IV only

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Question 106

jamb 2023

Which fund is used to meet unforeseen or urgent expenditure

Aspecial fund

Bcontigencies fund

Cgeneral reserve fund

Dconsolidated reserve fund

View Explanation & Discuss

Question 107

jamb 2023

Goodwill can be introduced when

Athe business suffers high loss

Bthe business is being expanded

Cthe partnership experience super profit

Da new member is admitted

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Question 108

jamb 2023

The discount column on the left-hand side of cash book represents a discount

Areceived from a debtor

Ballowed to a creditor

Callowed to a debtor

Dreceived from a creditor

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Question 109

jamb 2023

When expenses are paid on behalf of the venture, the accounting entries is to debit

Aexpenses account and credit bank account

Bbank account and credit joint venture account

Cjoint venture account and credit bank account

Djoint venture account and credit expenses account

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Question 110

jamb 2023

An advantage of FIFO method of stock valuation is that

Ait is calculated at the end of the year

Bits flow of cost is in sequence with the flow of stock

Cit is progressive in nature

Dit serves as a control during inflation

View Explanation & Discuss

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