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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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3,370 questions

Question 1 of 20 3,370 total questions

Question 1541

waec 1994

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?

AN512

BN525

CN640

DN700

EN800

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Question 1542

waec 1994

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

AN128

BN140

CN160

DN175

EN200

View Explanation & Discuss

Question 1543

waec 1994

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

Atrading account

Bprofit and loss account

Cbalance sheet

Dincome distribution account

Eappropriate account

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Question 1544

waec 1994

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

AN128

BN140

CN160

DN175

EN200

View Explanation & Discuss

Question 1545

waec 1994

Which of the following is a Real account item?

Awages and salaries account

Bmachinery account

Ccapital account

Ddrawings account

Ealagja and sons account

View Explanation & Discuss

Question 1546

waec 1994

Which of he following is a current asset item?

Agoodwill

Boverdraft

Cpreliminary expenses

Dprepayments

Eoutstanding expense

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Question 1547

waec 1994

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

Ano interest at all

Binterest at the rate of 2\(\frac{1}{2}\)% per annum

Cinterest at the rate 5% per anuum

Dinterest at all

Einterest at the per annum

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Question 1548

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a cash reqular customer

Dintroducing other customers

Esales returns

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Question 1549

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a regular customer

Dintroducing other customers

Esales returns

View Explanation & Discuss

Question 1550

waec 1994

When a buyer is undercharged, the seller forwards

Aundercast note

Bconsignment invoice

Cpurchases in voice

Ddebit note

Ecredit note

View Explanation & Discuss

Question 1551

waec 1994

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

Adebit cash account N5,200, credit suspense account N5,200

Bcredit cash account N5,200, debit suspense account N5,200

Cdebit cash account N2,600, credit suspense account N2,600

Dcredit cash account N2,600, debit suspense account N2,600

Ecredit cash account N2,600, debit bank account N2,600

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Question 1552

waec 1994

Where a proprietor withdraws cash from bank for office use, the entries would be

Acredit cash account, debit bank account

Bdebit cash account, credit bank account

Cdebit officer account, credit bank account

Ddebit drawings account, credit bank account

Edebit bank account, credit drawings account

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Question 1553

waec 1994

Carriage outwards is charged to the

Adebit side of profit and loss account

Bcredit side of profit and loss account

Ccredit side of trading account

Ddebit side of profit and loss Appropritation account

Edebit side of Balance under current liabilities

View Explanation & Discuss

Question 1554

waec 1994

Which of the following statements is not valid?

Aprovision for bad debts is deducted from debtors total in the Balance sheet

BAn increase in provision for bad debts appears on the debi side of the profit and loss account

Ca decrease in the provison for bad debts appears on the credit side of profit and loss accoun

Dthe bas debt account is closed to the debit side of the profit and loss account

Ebad debt is a deduction from debtors total afte making provision for bad and boughtful debts

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Question 1555

jamb 1994

The amount of individual items on a government budget is called

Avote

Bdeposit

Cloan

Dgrant

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Question 1556

jamb 1994

The cash bass of accounting requires the recognition of revenue only when they are

Adue

Bearned

Cpaid

Dreceived

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Question 1557

jamb 1994

The receipt from a special tax levy to pay maturing interest obligation are recorded in

Acapital fund project

BDebt Service Fund

CTax Assessment Fund

DSpecial Revenue Fund

View Explanation & Discuss

Question 1558

jamb 1994

The expenditure on a good or services which is consumed either immediately or within a current accounting period is called

Afixed expenditure

Bcapital expenditure

Cannual expenditure

Drecurrent expenditure

View Explanation & Discuss

Question 1559

jamb 1994

An advantage of using accounting ratios is that they

Acan be easily calculated

Bfacilitate decision making

Care stipulated by law

Dshows error and fraud

View Explanation & Discuss

Question 1560

jamb 1994

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

Amemorandum of association

Barticle of association

Cprospectus

Dcompany law

View Explanation & Discuss

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