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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.

47 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

47 questions

Question 1 of 20 47 total questions

Question 11

jamb 2016

Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

A#36,902

B#27,502

C#12,498

D#43,098

View Explanation & Discuss

Question 12

jamb 2016

Impersonal account is subdivided into

Areal and nominal accounts

Bnominal and personal accounts

Creal and current accounts

Dpersonal and real accounts

View Explanation & Discuss

Question 13

jamb 2016

The costs of acquiring fixed assets and bringing them into the firm is a

Ageneral expenses

Brecurrent expenditure

Crevenue expenditure

Dcapital expenditure

View Explanation & Discuss

Question 14

jamb 2016

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

Aannual discount

Btrade discount

Cperiodic discount

Dcash discount

View Explanation & Discuss

Question 15

jamb 2016

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

Acurrent account

Bprofit and loss account

Cprofit and loss appropriation account

Dcapital account

View Explanation & Discuss

Question 16

jamb 2016

1. The amount of the imprest is the same from one organization to another.

2. At the end of a fixed period, the petty cashier received a fixed sum of money.

3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

4. The system is a method by which a measure of control is kept on petty cash expenses.

Which of the following is correct about the imprest system?

AII and IV

BII, III and IV

CI, II and III

DIII and IV

View Explanation & Discuss

Question 17

jamb 2016

The major sources of revenue for the state and local governments is

Avalue added tax

Bstatutory allocation

Ctaxes and levies

Drecurrent revenue

View Explanation & Discuss

Question 18

jamb 2016

The income and expenditure account differs from receipts and payments account because it

Aaccounts for notional charges

Brecords transactions that relate to the period on cash basis

Crecords transactions that relate to the period on accrual basis

Daccounts for balance of cash at bank

View Explanation & Discuss

Question 19

jamb 2016

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

Aa price above or below the stipulated price

Bany price but not below the transfer price

Ccost price

Da price that is equal to the mark-up

View Explanation & Discuss

Question 20

jamb 2016

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

Determine the amount received on final call.

A#225,000

B#236,250

C#247,500

D#202,500

View Explanation & Discuss

Question 21

jamb 2016

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A#2,400

B#3,000

C#9,800

D#1,400

View Explanation & Discuss

Question 22

jamb 2016

An organization which has records of only personal accounts is said to be operating on the basis of

Asingle entry

Breal accounts

Cnominal accounts

Ddouble entry

View Explanation & Discuss

Question 23

jamb 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A#10,500

B#13,500

C#13,890

D#9,500

View Explanation & Discuss

Question 24

jamb 2016

A receipt is an evidence of

Apayments

Bstocking

Cdelivery

Ddiscounts

View Explanation & Discuss

Question 25

jamb 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A#45,000

B#39, 000

C#35,000

D#46,000

View Explanation & Discuss

Question 26

jamb 2016

Which of the following condition would attract credit and debit notes to be used?

AWhen goods are received from supplier

BWhen a trial balance is extracted

CWhen a buyer is under or over charged

DWhen goods are sold to a buyer

View Explanation & Discuss

Question 27

jamb 2016

The effect of overstating revenue expenditure in the profit and loss account is that the

Aopening stock will be increased

Bnet profit will be understand

Cnet profit will be overstead

Dopening stock will be decreased

View Explanation & Discuss

Question 28

jamb 2016

Which of the following is the capital reserve of a company?

AAccumulated depreciation

BRetained profit

CShare premium

DLoss on forfeited shares

View Explanation & Discuss

Question 29

jamb 2016

The documents that provide instant information to firms on their tranactions with banks are

Abank statement and debit note

Bcheque book and cashbook

Ccheque stub and deposit slip

Dpayslip and credit invoice

View Explanation & Discuss

Question 30

jamb 2016

An item in the balance sheet of a limited liability company is

Aaccrued expenses

Blighting and heating

Csalaries and wages

Dgeneral expenses

View Explanation & Discuss

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