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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.

35 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

35 questions

Question 1 of 15 35 total questions

Question 11

jamb 1994

Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000

What is the cost of goods sold?

AN30,000

BN25,000

CN20,000

DN15,000

View Explanation & Discuss

Question 12

jamb 1994

The financial position of an organization at a particular time can be ascertained from the

Astatement of sources and application of funds

Bstatement of retained earnings

Cbalance sheet

Dprofit and loss account

View Explanation & Discuss

Question 13

jamb 1994

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

ABank charges

BUncleared cheques

CReturned cheques

Dunpresented cheques

View Explanation & Discuss

Question 14

jamb 1994

When is a petty cash account debited?

AWhen the fund is established and every time money is spent

BWhen the fund is established and every time it is replenished

CWhen the fund is established and when the size of the float is decreased

DEvery time money is drawn from the petty cash

View Explanation & Discuss

Question 15

jamb 1994

The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

Aare not important in cashbooks

Bare cash items only

Cdo not form part of double entry

Dare used for bank reconciliation

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Question 16

jamb 1994

The suspense account is used to correct book-keeping error where the

Aamount involved is quite significant

Bitem involved is not material

Citem involved is unknown

Derror does not affect the agreement of the trial balance

View Explanation & Discuss

Question 17

jamb 1994

The use of the folio in the ledger is for

Areferencing purposes

Bparticulars of the transaction

Cthe account titles

Donly credit items

View Explanation & Discuss

Question 18

jamb 1994

Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

AError of commission

BError of reversal of entries

CError of principle

DCompensating error

View Explanation & Discuss

Question 19

jamb 1994

What is the cardinal rule of the double entry system?

ADebit the increasing account and credit the decreasing account

BDebit the receiving account and credit the giving account

CDebit the asset account and credit the liability account

DDebit the revenue account and credit the expenditure account

View Explanation & Discuss

Question 20

jamb 1994

When a business incurs labour cost in installing a fixed asset, the cost is treated as

Aadditional cost to the asset

Bbusiness wages and salaries

Cinstallation cost of the asset

Dbusiness cost of the asset

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Question 21

jamb 1994

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

ADebit generator account and credit cash account

BDebit purchases account and credit cash account

CDebit cash accounts and credit purchases account

DDebit cash account and credit generator account

View Explanation & Discuss

Question 22

jamb 1994

Accounting information is used by investors and creditors of a company to predict

Afuture cash flows of the company

Bfuture tax payments of the company

Cpotential merger candidates for the company

Dappropriate remunerations for the company's staff

View Explanation & Discuss

Question 23

jamb 1994

The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed

Amateriality

Bobjectivity

Cconsistency

Dconservatism

View Explanation & Discuss

Question 24

jamb 1994

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

Apassing of entries

Bconsistency convention

Cmatching concept

Dadjusting for revenue

View Explanation & Discuss

Question 25

jamb 1994

The term "accounting period" is used to refer to the

Atime span during which taxes are paid to the inland revenue board

Bbudget period, usually one year, relied on by the accountant

Ctime span, usually one year, covered by financial statement

Dperiod within which debtors are expected to settle accounts

View Explanation & Discuss

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