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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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

3,370 questions
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Question 1 of 20 3,370 total questions
Question 1051
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
View Explanation & Discuss
Question 1052
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
AN13,600
BN11,200
CN10,880
DN9,600
View Explanation & Discuss
Question 1053
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
View Explanation & Discuss
Question 1054
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
AN76,000
BN72,000
CN70,000
DN60,000
View Explanation & Discuss
Question 1055
waec 2004
Which of the following is not correct?

\(\begin{array}{c|c} Assets & Liabilities & Capital\\ N & N & N \\ \hline \text{A. 95,550} 11,500 & 82,000 \\ \text{B. 82,000} & 28,000 & 54,000\\ \text{C. 78,500} & 12,500 & 66,000\\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)
AA
BB
CC
DD
View Explanation & Discuss
Question 1056
waec 2004
Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?
AN80,000
BN75,000
CN55,000
DN35,000
View Explanation & Discuss
Question 1057
waec 2004
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?
AN360,000
BN200,000
CN160,000
DN40,000
View Explanation & Discuss
Question 1058
waec 2004
The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is
Asubvention
Bbudgett
Cdeposit
Destimates
View Explanation & Discuss
Question 1059
waec 2004
Which of the following is the basis of accounting in public service?
Aprofit
Baccrual
Cexpenditure
Dcash
View Explanation & Discuss
Question 1060
waec 2004
An expense is said to be revenue in nature if it
Aadds or contributes to the operating income of the business
Breduces the capital of the business
Cnecessitates the introduction of additional capital
Dadds to or mproves the value of fixed assets
View Explanation & Discuss
Question 1061
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is
AN8,450
BN6,050
CN5,600
DN2,850
View Explanation & Discuss
Question 1062
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is
AN4,500
BN1,350
CN450
DN400
View Explanation & Discuss
Question 1063
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
AN6,900
BN5,900
CN4,500
DN3,500
View Explanation & Discuss
Question 1064
waec 2004
A unit of company's capital which can be bought is
Ashares
Binterest
Casset
Dproperty
View Explanation & Discuss
Question 1065
waec 2004
The price paid by an acquiring company is
Aconversion fee
Bpremium
Csales consideration
Dpurchases consideration
View Explanation & Discuss
Question 1066
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
AN1,175,000
BN1,140,000
CN1,075,000
DN1,060,000
View Explanation & Discuss
Question 1067
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
AN1,175,000
BN1,140,000
C1,075,000
DN1,060,000
View Explanation & Discuss
Question 1068
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is
AN105,000
BN95,000
CN50,000
DN15,000
View Explanation & Discuss
Question 1069
waec 2004
When both debit and credit entries in respect of a transaction are made in the same ledger account, this is
Aa ledger entry
Ban accounting entry
Ca folio entry
Da contra entry
View Explanation & Discuss
Question 1070
waec 2004
The class of shareholders who are paid last in the event of wedding-up are
Aordinary
Bpreference
Cfounder
Dtreasury
View Explanation & Discuss
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