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.
A unit of company's capital which can be bought is
Ashares
Binterest
Casset
Dproperty
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Question 12
waec2004
The price paid by an acquiring company is
Aconversion fee
Bpremium
Csales consideration
Dpurchases consideration
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Question 13
waec2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
AN1,175,000
BN1,140,000
CN1,075,000
DN1,060,000
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Question 14
waec2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
AN1,175,000
BN1,140,000
C1,075,000
DN1,060,000
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Question 15
waec2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is
AN105,000
BN95,000
CN50,000
DN15,000
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Question 16
waec2004
When both debit and credit entries in respect of a transaction are made in the same ledger account, this is
Aa ledger entry
Ban accounting entry
Ca folio entry
Da contra entry
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Question 17
waec2004
The class of shareholders who are paid last in the event of wedding-up are
Aordinary
Bpreference
Cfounder
Dtreasury
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Question 18
waec2004
A class of preference shares in which dividend rights are carried forward is
Acumulative
Bparticipating
Credeemable
Dfloating-rate
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Question 19
waec2004
The excess of current assets over current liabilities is
Aworking capital
Bpreference capital
Cloan capital
Dfounder's capital
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Question 20
waec2004
Goodwill is taken into account in partnership when
Athe business has good customer relations
Bthe business is making huge profit
Ca new partner is admitted
Da parner becomes dormant
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Question 21
waec2004
When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is
Adebit profit and loss appropristion account, credit current Account
BDebit profit and loss appropriation account, credit capital account
Cdebit current account, credit caapital account
Ddebit profit and loss account, credit current account
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Question 22
waec2004
When discount is allowed, the accounting entry is debit Discount allowed and credit
Asuspense account
Bexpense account
Cdebtors account
Dcreditors account
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Question 23
waec2004
Which of the following is not correct?
Acredit sales are entered on debit side of the customers personal account
Bcredit purchases are entered on the debit side of the supplier's personal account
Creturn inward are entered on the credit side of the customer's personal account
Dreturns outwards are entered in on the debit side of the supplier's account
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Question 24
waec2004
Which of the following is not a debit item in the partnership profit and loss appropriation account?
Ainterest on partners drawings
Bparners salaries
Cinterest on partners capital
Dshare of profit
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Question 25
waec2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is
AN3,850
BN2,900
CN2,300
DN2,000
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Question 26
waec2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
Gross profit is
AN1,850
BN1,250
CN950
DN650
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Question 27
waec2004
The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is
Aconsistency
Bcost
Caccrual
Dconservatism
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Question 28
waec2004
a decrease in the provision for doubtful debts result in
Aan increase in net profit
Ba decrease in gross profit
Can increase in gross profit
Da decrease in net profit
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Question 29
waec2004
The balance on the sales ledger control Account at the end if the accounting year represents total
