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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 121
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D
 Purchases  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales  195,000

 Salaries

  27,600

 Closing stock

  14,100


The net profit is

AD 21, 760
BD 18, 260
CD 21, 020
DD 21, 620
View Explanation & Discuss
Question 122
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D

 Purchases

  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales  195,000
 Salaries  27,600
 Closing stock  14,100


The gross profit

AD 39,360
BD 38, 620
CD 36,360
DD 39,220
View Explanation & Discuss
Question 123
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D 

 Purchases

  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales   195,000
 Salaries  27,600
 Closing stock  14,100



The cost of goods available for sale is

AD 175,860
BD 175,380
CD 175, 120
DD 175,460
View Explanation & Discuss
Question 124
waec 2023

Use the following information to answer the question
 

   Le

 Capital (01/01/2020)

  1,934,600
 Capital (31/12/2020)  2,530,000

 Expenses

  346,900
 Drawings for 2020  72,500
 Additional capital for 2020  250,000


The net profit for 2020 is

ALe 522,900
BLe 417,900
CLe 595,400
DLe 72,000
View Explanation & Discuss
Question 125
waec 2023

Use the following information to answer the question
 

   Le

 Capital (01/01/2020)

 1,934,600
 Capital (31/12/2020)

 2,530,000
 Expenses 3 45,900
 Drawings for 2020

 72,500

 Additional capital for 2020

  250,000



The gross profit for the year is

ALe 763,800
BLe 595,400
CLe 417,900
DLe 167,900
View Explanation & Discuss
Question 126
waec 2023

Which of the following items is a tangible asset?

ACopyright
BMachinery
CGoodwill
DLease
View Explanation & Discuss
Question 127
waec 2023

Use the following information to answer the question

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is

AGH⊄ 1,120
BGH⊄ 1,920
CGH⊄ 700
DGH⊄ 800
View Explanation & Discuss
Question 128
waec 2023

Use the following information to answer the question

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.

The interest on drawings for Ant is

AGH⊄ 800
BGH⊄ 1,920
CGH⊄ 1,120
DGH⊄ 700
View Explanation & Discuss
Question 129
waec 2023

Reliability as a quality of accounting information means that accounting

Arules and guidelines are applied
Binformation is prepared based on evidence
Cinformation is comprehensive
Dreport is prepared promptly
View Explanation & Discuss
Question 130
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

   D

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000

 Electricity bill

  40,000

 Rent

 73,400
 Drawings

 28,600
 Insurance  12,800


The total expenses for the month is

AD 278,300
BD 323,500
CD 478,300
DD 154,800
View Explanation & Discuss
Question 131
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:

 

   D 

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000
 Electricity bill  40,000

 Rent

 73,400

 Drawings

 28,600
 Insurance  12,800


The balance brought down at the end of the month is

AD 278,300
BD 154,800
CD 478,300
DD 323,500
View Explanation & Discuss
Question 132
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

   D

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000
 Electricity bill  40,000 

 Rent

  73,400
 Drawings  28,600
 Insurance  12,800



The total income for the month is

AD 278,000
BD 180,000
CD 154,800
DD 306,900
View Explanation & Discuss
Question 133
waec 2023

Memoradum branch account is prepared to determine

Agross profit
Bcredit sales
Cclosing stock
Dopening stock
View Explanation & Discuss
Question 134
waec 2023

Use the following information to answer the question

The health department of Banjul Local Government incurred the following expenditure in 2020:
 

   Le

 Construction of hospital wards

 200,000
 Purchase of hospital beds 20,000
 Purchase of stationeries 15,000
 Salaries and wages 60,000
 Purchase of drugs 50,000
 Purchase of x-ray machine 100,000


The recurrent expenditure for the year is

ALe 370,000
BLe 125,000
CLe 320,000
DLe 445,000
View Explanation & Discuss
Question 135
waec 2023

Use the following information to answer the question

The health department of Banjul Local Government incurred the following expenditure in 2020:
 

   Le

 Construction of hospital wards

 200,000

 Purchase of hospital beds

 20,000

 Purchase of stationeries

 15,000

 Salaries and wages

 60,000

 Purchase of drugs

 50,000

 Purchase of x-ray machine

 100,000



The capital expenditure for the year is

ALe 125,000
BLe 320,000
CLe 370,000
DLe 455,000
View Explanation & Discuss
Question 136
jamb 2023

Which of the following has the ultimate control of a company?

Aboard of directors
Bemployees
Cshareholders
Dmanagement
View Explanation & Discuss
Question 137
jamb 2023

Factory overheads are also known as

Adirect manufacturing
Bdirect expenses
Cindirect cost
Ddirect labour
View Explanation & Discuss
Question 138
jamb 2023

Which of the following is not an advantage of control account?

Adifficulty in committing fraud
Bit can be used to detect missing figure
Chelps to determine profit and loss
Dhelps in locating errors
View Explanation & Discuss
Question 139
jamb 2023

The following was extracted from the books of MEGA COMPANY NIG. LTD

 

₦

Trade debtors

 350,000

Fixtures and fittings

 600,000

Cash at bank

 25,000

Cash in hand

 5,500

Trade creditors

 116,500

Bank overdraft

 7,500

Building

 950,000

Motor van

 35,000

The working capital of the company is

A₦156,000
B₦280,000
C₦565,000
D₦256,500
View Explanation & Discuss
Question 140
jamb 2023

In company account, dividend payments are effected in which of the following accounts?

Arealization
Bcurrent
Cappropriation
Dcapital
View Explanation & Discuss
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