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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.

55 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

55 questions
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Question 1 of 20 55 total questions
Question 11
waec 2001
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the profit or loss on the disposal asset?
AN4,000 profit
BN2,000 profit
CN2,000 loss
DN2,000 loss
View Explanation & Discuss
Question 12
waec 2001
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit
AFixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
BDisposal of Asset Account N4,000, credit fixed Access Account N4,000
CDisposal of Asset Account N2,000, credit Fixed Asset account N2,000
DFixed Asset Account N2,000, credit Disposal of Assets Account 2000
View Explanation & Discuss
Question 13
waec 2001
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What was the book value when the asset was sold?
AN8,000
BN6,000
CN4,000
DN2,000
View Explanation & Discuss
Question 14
waec 2001
Which of the following does not relate to government accounting system?
Avote
Btrial balance
Cconsolidated fund
Dprofit and loss account
View Explanation & Discuss
Question 15
waec 2001
The head office usually issues goods to branches at
Aprime cost
Bproduction cost
Cnet realisable value
Dcost price
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Question 16
waec 2001
The accounting entries for recording cash withdrawal by the proprietor for personal use are, debit
Acash ad credit purchases
Bpurchases and credit drawings
Cpurchases and credit cash
Ddrawings and credit cash
View Explanation & Discuss
Question 17
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Production cost is
AN57,300
BN56,300
CN55,800
DN53,000
View Explanation & Discuss
Question 18
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Factory cost of production is
AN56,300
BN53,000
CN52,750
DN45,500
View Explanation & Discuss
Question 19
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Prime cost is N53,000
AN53,000
BN52,750
CN49,950
DN46,300
View Explanation & Discuss
Question 20
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Purchases} & 45,000 \\ \text{Closing stock of raw materials} & 9,500 \\ \text{Direct wages} & 6,450 \\ \text{Indirect wages} & 2,800 \\ \text{Depreciation - Plant and Machinery} & 3,200 \\ \text{Factory rents and rates} & 350 \\ \text{Opening work-in-progress} & 3,250 \\ \text{Closing work-in-progress} & 3,750\end{array}\)
Cost of raw materials consumed is
AN53,000
BN45,500
CN45.000
DN43,500
View Explanation & Discuss
Question 21
waec 2001
Which of the following is a primary source of entry into the debtors ledger?
Asuppliers invoice
Breturns outwards notes
Csales invoices
Dpayment vouchers
View Explanation & Discuss
Question 22
waec 2001
Which of the following is a primary source of entry into the debtors ledger?
Asuppliers invoice
Breturns outward notes
Csales invoices
Dpayment vochers
View Explanation & Discuss
Question 23
waec 2001
The purchases Ledger control Account is also referred to as
ATotal creditors Accounts
BTotal ebitors Account
CCash Account
DPersonal Account
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Question 24
waec 2001
Given a purchases invoice showing 5 items at N40,000 each less trade discount of 25% and cash discount of 10% the amount to be paid within the credit period is
AN200,000
BN180,000
CN135,000
DN75,000
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Question 25
waec 2001
The depreciation method that allocates higher value to the use of an asset in its earlier years is
Adinimishing balance method
Brevaluation method
Cfixed instalment method
Dstraight line method
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Question 26
waec 2001
What is the effect on a firm for making a payment of N10,000 to creditor? its liabilities
Adecrease and its assets decrease
Bincrease and its assets decrease
Cdecrease and its asseys increase
Dincrease and its assets increase
View Explanation & Discuss
Question 27
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The liabilities of the business amount to
AN80,000
BN60,000
CN40,000
DN20,000
View Explanation & Discuss
Question 28
waec 2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \hline \text{Motor Van} & 120,000\\ \text{Buildings} & 300,000 \\ \text{Stock of goods} & 40,000\end{array}\)
In addition, he had cash ofN60,000 out of which N20,000 was borrowed from a friend.
The capital of the business is
AN520,000
BN500,000
CN480,000
DN460,000
View Explanation & Discuss
Question 29
waec 2001
A business firm incurs labour cost in installing machinery. This should be treated as
Asalaries account
Bmachinery account
Cdebtors account
Dcreditors account
View Explanation & Discuss
Question 30
waec 2001
Which of the following is not correct?
Aincreases in asset accounts are entered on the debit side
Bdecreases in assets accounts are entered on the credit side
Cincreases in liability accounts are entered on the credit side
Ddecreases in liability accounts are entered on the credit side
View Explanation & Discuss
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