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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.

48 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

48 questions

Question 1 of 20 48 total questions

Question 11

jamb 2012

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

Acost price

Bfixed percentage on cost

Cselling price

Dinvoice price

View Explanation & Discuss

Question 12

jamb 2012

In the head office ledger, the value of goods sent to the branch are

Adebited to the head office current account

Bdebited to the branch current account

Ccredited to the head office current account

Dcredited to the branch current account

View Explanation & Discuss

Question 13

jamb 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000

Determine the capital

A#10,000

B#42,000

C#45,000

D#52,000

View Explanation & Discuss

Question 14

jamb 2012

The excess revenue over expenditure is charged to

Aprofit and loss

Brevenue account

Caccumulated fund

Dincome and expenditure acccount

View Explanation & Discuss

Question 15

jamb 2012

The main advantage of a departmental account is that its

Aexpenses are shared

Bgross profit is computed

Cnet profit is computed

Dbalance sheet is obtained

View Explanation & Discuss

Question 16

jamb 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

A#416,000

B#304,000

C#240,000

D#184,000

View Explanation & Discuss

Question 17

jamb 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

What is the total manufacturing profit?

A#64,000

B#120,000

C#360,000

D#480,000

View Explanation & Discuss

Question 18

jamb 2012

In manufacturing accounts, finance expenses are charged to the

Adepartmental account

Btrading acount

Cprofit and loss account

Dbalance sheet

View Explanation & Discuss

Question 19

jamb 2012

Which of the following is a debit item in the sales ledger control account

ACheque reciepts

BDishonoured cheques

CDiscount allowed

DBills recievable

View Explanation & Discuss

Question 20

jamb 2012

Purchasers ledger control account can also be referred to as

Asales day book

Bpurchasers day book

Ccreditors legder

Ddebtors ledger

View Explanation & Discuss

Question 21

jamb 2012

In sales ledger control account, returns inwards is usually

Adebited and debtors credited

Bcredited and sales returns debited

Cdebited and cash credited

Dcredited and bank credited

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Question 22

jamb 2012

The LIFO method has an advantage over FIFO in that stocks are valued at

Aprevious prices

Bcurrent prices

Caverage rates

Dflat rates

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Question 23

jamb 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using simple average method, calculate the value of stock after 22/5/07

A#1,198.00

B#1,218.38

C#1,257.67

D#1,408.00

View Explanation & Discuss

Question 24

jamb 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using FIFO method, what would be the value of stock as at 9/5/07?

A#862.50

B#840.00

C#806.25

D#750.00

View Explanation & Discuss

Question 25

jamb 2012

Which of the following is an item of special assets?

AFixed assets

BCurrent assets

CTrademark

DGratuity

View Explanation & Discuss

Question 26

jamb 2012

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.

The revenue to be added as an adjustment is

A#34,000

B#30,000

C#15,000

D#4,000

View Explanation & Discuss

Question 27

jamb 2012

A#210,000

B#202,000

C#195,000

D#184,000

View Explanation & Discuss

Question 28

jamb 2012

Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500

The adjusted cash book balance is

A#6,300

B#4,300

C#3,700

D#2,700

View Explanation & Discuss

Question 29

jamb 2012

In a modern day banking system, cash transfer cannot be made where the transferor

Ahas no sufficient cash with the bank

Bhas no account with the bank

Cdoes not reside in the bank's country

Ddoes not possess the domestic currency

View Explanation & Discuss

Question 30

jamb 2012

Cash can be drawn from the bank using

Aa bank teller

Ba credit card

Ca recharge card

DATM card

View Explanation & Discuss

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