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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.

76 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

76 questions

Question 1 of 20 76 total questions

Question 11

jamb 2024

The value of assets on dissolution of partnership is debited to realization account and credited to ___ account

Abank

Basset

Cdissolution

Dcash

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Question 12

jamb 2024

Which of the following is a function of the operating system of a computer?

Acontrols the input and output peripherals

Bused to enter data

Chas magnetic surface for storage

Dused to display data

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Question 13

jamb 2024

The coming together of two sole trading businesses to form a partnership is

Acombination

Bacquisition

Camalgamation

Dassociation

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Question 14

jamb 2024

The permanent memory of a computer is the

AROM

BRAM

CALU

DCPU

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Question 15

jamb 2024

Which of the following is not required in preparing a statement of affairs?

Afixed assets

Bnet profit

Caccruals

Dcash in hand

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Question 16

jamb 2024

Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest

A2%

B15%

C10%

D5%

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Question 17

jamb 2024

The opening stock at the beginning of an accounting period represents

Agoods returned from last accounting period

Bcost of goods sold

Ccost of goods purchased

Dgoods available for sale

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Question 18

jamb 2024

A method of stock valuation is

Aaccural

Bowing

Cadvance

DSAP

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Question 19

jamb 2024

Which of the following is a characteristics of a limited liability company?

Adeath of a shareholder dissolves the company

BOwned by the directors

Cseparated from the owners

Dprofits are shared equally

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Question 20

jamb 2024

Who among the following developed the idea of double entry book-keeping?

AFrankWood

BOmuya James

CJames Lucas

DFrancia Luca Pacioli

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Question 21

jamb 2024

Depriciation is?

Aan appropriation of profit

Bestimated life of an asset

Closs in the value of fixed asset

Dincrease in asset value

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Question 22

jamb 2024

A partner whose liability does not extend beyond the amount of capital contributed by him is known as

Ageneral partner

Bactive partner

Climited partner

Dlegal partner

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Question 23

jamb 2024

When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account

Asuspense

Bexpense

Ccreditor

Ddebtor

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Question 24

jamb 2024

Goodwill is taken into account in partnership business when

Athe business is being dissolved

Bthe business has good customer relations

Ca new partner is admitted

Dwhen the business is making huge profit

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Question 25

jamb 2024

An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?

A#990

B#900

C#729

D#810

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Question 26

jamb 2024

An equipment costing #9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A#810

B#900

C#990

D#1,000

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Question 27

jamb 2024

When manufactured goods are transferred to the trading account at the market price, the difference is credited to the

Amanufacturing account

Bbalance sheet

Ctrading account

Dprofit and loss account

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Question 28

jamb 2024

Peripherals are used in computer to describe

Ainputs, output and storage devices

Bcomputer types

Cmethod of inputting data

Dcomputer functions

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Question 29

jamb 2024

A person who prepares, analyses and interprets financial statements is known as a/an

Acashier

Bbook keeper

Caccountant

Danalyst

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Question 30

jamb 2024

Ordinary shares are also known as

Anet worth

Bequity

Cloan

Dreserve

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