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.
Which of the following is not a profit and loss appropriation account item?
Astaff salaries
Binterest on capital
Cinterest on money advanced by partners
Dshare of profit
Einterest and drawings
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Question 13
waec1994
Which of the following does not appear on the debit side of a company's profit and loss appropriation account?
Acompny tax
Bunappropriated surplus
Cproposed dividend
Dtransfer to rserve
Einterim dividend paid
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Question 14
waec1994
Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?
AN100
BN125
CN500
DN600
EN625
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Question 15
waec1994
Profit expressed as a proportion of cost price is known as
Agrss profit
Bprofit make-up
Cprofitt margin
Dprofit percentage
Eprofit ratio
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Question 16
waec1994
Which of the following errors will not allow a trial balance to agree?
Awhere a transaction is completely omitted from the books
Bwhere the correct amount is entered but in the wrong account
Cwhere the figure entered on one side is different from the one entered on the other side
Dwhere an item is entered in the wrong class of account
Ewhere the correct amount is used but each item is shown on the wrong side of the account
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Question 17
waec1994
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?
AN2,920
BN3,240
CN3,330
DN5,340
EN5,440
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Question 18
waec1994
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?
AN1,110
BN1,430
CN1,520
DN1,750
EN2,980
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Question 19
waec1994
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are
Acredit cash account, debit bank account with N1,200
Bdebit cash account, creidit bank account with N1,200
Ccredit cash account, debit suspense account with N2,400
Ddebit cash account, debit suspense account with N2,400
Ecredit bank account, debit suspense account with N2,400
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Question 20
waec1994
Creditors at start was N940 and purchases for the year was N4,060. During the year, cash paid to creditors was N3,890. N490 was received as discount. What is the creditors amount in the balance sheet?
AN450
BN620
CN660
DN1,110
EN1,430
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Question 21
waec1994
Which of the following is not true of a partnership business without written agreement?
Aprofit and losses will shared equally
Binterest not to be paid on capital
Cinterest on drawings is to be at the rate 5% per annum
Dsalaries are not allowed to partners
Emoney in excess of capital agreed to subscribe is to attract an interest of 5% per annum
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Question 22
waec1994
Rate of stock turnover is defined as
Apurchases over stock
Bcost of goods available for sale over total of opening and closing stock
Ccost of goods available for sale ovet total of opening and closing stock
Dcost of goods sold over total opening and closing stock
Ecost of goods sold over average stock
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Question 23
waec1994
The excess of current assets over current liabilities is
Afixed capital
Bregistered capital
Cnominal capital
Dpaid-up capital
Eworking capital
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Question 24
waec1994
Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued
AN3,460
BN5,620
CN14,170
DN16,330
EN18,490
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Question 25
waec1994
Which of the following is treated under partnership appropriation account?
Ainterest on loan
Bsalary of workers
Celectricity
Dsalary of partner
Etravelling expenses of a partner
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Question 26
waec1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?
AN512
BN525
CN640
DN700
EN800
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Question 27
waec1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?
AN128
BN140
CN160
DN175
EN200
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Question 28
waec1994
Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?
Atrading account
Bprofit and loss account
Cbalance sheet
Dincome distribution account
Eappropriate account
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Question 29
waec1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?
