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 a charge against profit?
Aordinary dividend
Bgeneral reserve
Cpreference dividend
Ddebenture interest
Erevenue reserve
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Question 12
waec1996
Impersonal Accounts contain
Areal and cash accounts
Bcapital and nominal accounts
Creal and normal accounts
Dinvestment and real accounts
Einterest received and real account
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Question 13
waec1996
Which of the following does not appear in a bank statement?
Adividend received on behalf of customers
Bbank charges
Cinsurance premium paid on behalf of customers
Ddishonoured cheques
Euncredited charges
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Question 14
waec1996
Discount received is shown in the
Acredit side of sales ledger balances
Bdebit side f bought ledger balances
Ccredit side of bought ledger balances
Ddebit side of sales ledger balances
Esales ledger balances as contra entry
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Question 15
waec1996
Which of the following is not charged to Manufacturing Account?
Araw materials
Bfactory's wages
CDistribution expenses
Droyalties
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Question 16
waec1996
A payment of N150 to a credit
Aan increase in assets only
Ba reduction of assets only
Ca reduction in assets and liabilities
Dan increase in assets and liabilities
Ea reduction in the bank account
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Question 17
waec1996
Which of the following are examples of Nominal account?
Aland and insurance
Bcash and interest
Cbuilding and cash
Dmachinery and wages
Erent and discount
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Question 18
waec1996
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. Bad debts is
AN910
BN650
CN637
DN377
EN260
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Question 19
waec1996
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. What is the provision for doubtful debts?
AN910
BN650
CN637
DN377
EN260
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Question 20
waec1996
The person who has applied for shares in a company is called
Aallotee
Bsubscriber
Cpromoter
Dshareholder
Eapplicant
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Question 21
waec1996
Which of the following is no part of prime cost of production?
Acost raw materials
Bcarriage on raw materials
Cdirect expenses
Ddirect wages
Edepreciation of factory equipment
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Question 22
waec1996
The payee of a cheque is the
Adrawer's banker
Bdrawee's banker
Cperson naned to receive the amount on the cheque
Dbank cashier
Edrawer
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Question 23
waec1996
Factory wages are always entered into the
Asales account
Bmanufacturing account
Cprofit ans loss account
Dtrading account
Etrading account
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Question 24
waec1996
which of the following is not an Appropriation account item for a company?
Ainerest on drawings
Bproposed dividends
Cinterim dividends
Dprovision for taxation
EGeneral reserve
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Question 25
waec1996
The purpose of a trading account is to ascertain
Asales
Bgross profit or loss
Cnet profit or loss
Dcarriage outwarrds
Eappropriated profit
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Question 26
waec1996
Which of the following entries would be made for goods bought and paid for immediately? Debit
Acash account, credit sales account
Bpurchases account; credit cash account
Ccash account; credit purchases account
Dpurchases account; credit sales account
Epurchases account; credit goods account
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Question 27
waec1996
The balance sheet is a statement showing
Aall assets and liabilities
Ball balances
Ccredit entries of the business
Ddebit entries of the business
Ecaoital and liabilities
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Question 28
waec1996
A trial balance is
Aan attempt to balance the accounts
Bthe credit balances of the accounts
Clist of all balances extracted from the ledger
Dthe debit balances of the accounts
Ebalance sheet balances
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Question 29
waec1996
Debentures issued at a price above the nominal value are said to be issued
Aat discount
Bat premium
Cat subsidy
Don goodwill
Eat a loss
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Question 30
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. In the year of sale, profit was
