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.
A class of preference shares in which dividend rights are carried forward is
Acumulative
Bparticipating
Credeemable
Dfloating-rate
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Question 1062
waec2004
The excess of current assets over current liabilities is
Aworking capital
Bpreference capital
Cloan capital
Dfounder's capital
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Question 1063
waec2004
Goodwill is taken into account in partnership when
Athe business has good customer relations
Bthe business is making huge profit
Ca new partner is admitted
Da parner becomes dormant
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Question 1064
waec2004
When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is
Adebit profit and loss appropristion account, credit current Account
BDebit profit and loss appropriation account, credit capital account
Cdebit current account, credit caapital account
Ddebit profit and loss account, credit current account
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Question 1065
waec2004
When discount is allowed, the accounting entry is debit Discount allowed and credit
Asuspense account
Bexpense account
Cdebtors account
Dcreditors account
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Question 1066
waec2004
Which of the following is not correct?
Acredit sales are entered on debit side of the customers personal account
Bcredit purchases are entered on the debit side of the supplier's personal account
Creturn inward are entered on the credit side of the customer's personal account
Dreturns outwards are entered in on the debit side of the supplier's account
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Question 1067
waec2004
Which of the following is not a debit item in the partnership profit and loss appropriation account?
Ainterest on partners drawings
Bparners salaries
Cinterest on partners capital
Dshare of profit
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Question 1068
waec2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is
AN3,850
BN2,900
CN2,300
DN2,000
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Question 1069
waec2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
Gross profit is
AN1,850
BN1,250
CN950
DN650
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Question 1070
waec2004
The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is
Aconsistency
Bcost
Caccrual
Dconservatism
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Question 1071
waec2004
a decrease in the provision for doubtful debts result in
Aan increase in net profit
Ba decrease in gross profit
Can increase in gross profit
Da decrease in net profit
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Question 1072
waec2004
The balance on the sales ledger control Account at the end if the accounting year represents total
Atrade debtors at the end of the year
Bcash sales for the year
Ccredit sales for the year
Damount transferred from the sales day book
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Question 1073
waec2004
Net debtors is
Adebtors less provision for bad debts
Bdebtors plus provision for bad debts
Cdebtors less prepayments
Ddebtors plus prepaments
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Question 1074
waec2004
Which of the following is correct about cost of goods sold?
Aopening stock + purchases - closing stock
Bopening stock + sales + closing stock
Copenig stock - purchases - closing stock
Dopening stock + sales + closing stock
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Question 1075
waec2004
The amount set aside out of profit for a specific purpose is
Aprovision
Breserve
Cdepreciation
Ddepletion
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Question 1076
waec2004
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
Acapitalization
Bdepreciation
Cdepletion
Damortization
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Question 1077
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to
AN229,800
BN121,560
CN85,305
DN22,935
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Question 1078
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to
AN4,000
BN3,200
CN3,000
DN2,800
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Question 1079
waec2004
The total of the purchases day book is posted to the purchases account in the
Ageneral ledger
Bpurchases journal
Cprivate ledger
Dpurchases ledger
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Question 1080
waec2004
Which of the following items is not shown in the Trial Balance
