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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 161
jamb 2023

Changes in the profit sharing ratio may occur as a result of

I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase

AI, III and IV
BI and III
CI, II and III
DI, II and IV
View Explanation & Discuss
Question 162
jamb 2023

When goods are received from head office, head office will be credited while

Asales will be debited
Brequisition will be debited
Cissue will be debited
Dpurchases will be debited
View Explanation & Discuss
Question 163
jamb 2023
 

       ₦

Balance as per cash book

      5467

Uncredited cheques

      4410

Unpresented cheques    

    19404

The balance as per bank statement is

A₦20,461
B₦21,091
C₦21,109
D₦19,021
View Explanation & Discuss
Question 164
jamb 2023

Subscription in advance is treated in the balance sheet as a

Afixed asset
Blong term liability
Ccurrent asset
Dcurrent liability
View Explanation & Discuss
Question 165
jamb 2023
  #

 Stock Jan 1

 2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500

 

Determine the net profit

A#4,000
B#4,500
C#5,000
D#1,400
View Explanation & Discuss
Question 166
jamb 2023

Which of these is the main source document for recording cash paid into bank?

Ainvoice
Bcredit note
Ccheque book
Dpay-in-slip
View Explanation & Discuss
Question 167
jamb 2023

One of the options below is not the source of income for non - profit organization

Aordinary shares
Bdonations
Csubscription/dues
Dentrance fees
View Explanation & Discuss
Question 168
jamb 2023

Accounting entry for dissolution expenses is

ADr : Partnership account ;Cr: Realization account
BDr: Revaluation account; Cr: Partnership account
CDr: Realization account; Cr: Cash account
DDr: Partners current account; Cr: Realization account
View Explanation & Discuss
Question 169
jamb 2023

A part of public company's profit belonging to the shareholders is

Aright issue
Bbonus
Cdividends
Dpublic issue
View Explanation & Discuss
Question 170
jamb 2023

The principle of double entry developed from the axioms of accounting equation is given as

ALiabilties + Equity = Net assets
BAssets + Equity = Liabilities
CLiabilities + Equity = Assets
DAssets + Liability = Equity
View Explanation & Discuss
Question 171
jamb 2023
 

₦

Debtors opening

 4000
Debtors closing 1500

Cash received from debtors

 8500

Bad debts written off

 350
Discount allowed 500
Discount received 1000

What is the amount of sales for the year?

 

 

A₦6850
B₦6650
C₦3850
D₦1550
View Explanation & Discuss
Question 172
jamb 2023

The following appears in the trading account except

Acarriage inward
Bopening stock
Ccarriage outward
Dsales
View Explanation & Discuss
Question 173
jamb 2023

The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

Acontigencies
Breserved expenditure warrant
Cannual general warrant
Dprovisional general warrant
View Explanation & Discuss
Question 174
jamb 2023

The use of three column cash book is determined by

Atrade discount
Bcash transaction
Cbank transaction
Dcash discount
View Explanation & Discuss
Question 175
jamb 2023

The following are importance of branch account except

Ait allows fraud and wastage of resources
Bit assist the organization to determine the performance of a branch manager
Cit enable the organization to determine the branch that is making either profit or loss
Dit allows proper control over the branch by the head office
View Explanation & Discuss
Question 176
jamb 2023
The double entry system records each transaction in
Aone account
Bno account
Ctwo accounts
Dthree accounts
Question 177
waec 2022

Items shown in the balance sheet as asset includes

Adebit balance on drawings account
Bdebit balance on a customer's account
Ccredit balance on the capital's account
Dcredit balance on a supplier's account
View Explanation & Discuss
Question 178
waec 2022

Subscription in advance is treated in the balance sheet under

Along-term liabilities
Bcurrent liabilities
Caccumulated fund
Dcurrent assets
View Explanation & Discuss
Question 179
waec 2022

A set of rules and procedures guiding the operations of a partnership is called partnership

Acode
Bbusiness
Cseal
Ddeed
View Explanation & Discuss
Question 180
waec 2022

Use the following information to answer below

  GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000


 


Stock turnover ratio is

A3.78 times
B3.56 times
C4 times
D3.2 times
View Explanation & Discuss
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