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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.

45 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

45 questions

Question 1 of 20 45 total questions

Question 11

waec 2014

The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is

Aconstitency concept

Bprudence concept

Caccrual concept

Dgoing corncern cocept

View Explanation & Discuss

Question 12

waec 2014

In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a

Asurplus

Bshortfall

Closs

Ddeficit

View Explanation & Discuss

Question 13

waec 2014

A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?

AD33,000

BD28,000

CD23,000

DD5,000

View Explanation & Discuss

Question 14

waec 2014

When an asset is sold, the entries for the accumulated depreciation are; debit

Aassets disposal account; credit provision for depreciation account

Bprovision for depreciation account; credit asset disposal account

Cfixed asset account; credit asset disposal account

Dasset disposal account; credit fixed asset account

View Explanation & Discuss

Question 15

waec 2014

The sum of direct cost in a manufacturing account is

Aproduction cost

Bprime cost

Ctotal cost

Dfinance cost

View Explanation & Discuss

Question 16

waec 2014

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

Aperiodicity

Baccrual

Centity

Dmateriality

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Question 17

waec 2014

Which of the following items is not contained in the Receipts and Payments Account?

ASubscription paid in advance

Bstock paid for in advance

Coutstanding wages and salaries

Ddonations

View Explanation & Discuss

Question 18

waec 2014

which of the following is not an administrative expenses in a manufacturing organization?

Adiscounts allowed

Boffice electricity

Cstationery

Dinsurance

View Explanation & Discuss

Question 19

waec 2014

Net profit in a business is

Athe amount of money taken out of the business by the owner

Bthe cash in the business bank account

Cthe difference between sales and cost of sales

Dsales revenue less cost of sales expenses

View Explanation & Discuss

Question 20

waec 2014

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

Ai, ii and iii only

Bi, iii and iv only

Cii, iii and iv only

Diii and iv only

View Explanation & Discuss

Question 21

waec 2014

The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as

Aan acquisition of fixed asset

Ban expense in its general office expense account

Cpart of capital in the capital account

Dan acquisition of stock

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Question 22

waec 2014

Use the information to answer the question given.

\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is

A₦18,500

B₦17,000

C₦16,000

D₦8,000

View Explanation & Discuss

Question 23

waec 2014

Us the following information to answer the question given.

\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000 \\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the annual depreciation is

A₦9,000

B₦8,500

C₦8,000

D₦6,500

View Explanation & Discuss

Question 24

waec 2014

Which of the following is entered in the general journal?

Apurchase of goods

Bsale of goods on credit

Creturns inward

Daquisition of fixed assets

View Explanation & Discuss

Question 25

waec 2014

An error of principle is made, if

Aan entry has been made on the wrong class of account

Ba transaction has been completely omitted

Can entry has been made on the wrong side of the two accounts corcened

Da transaction is entered in both accounts for the wrong amount

View Explanation & Discuss

Question 26

waec 2014

Which of the following is used to record the disposal of a fixed asset?

Ajournal proper

Bpetty cash book

Csales day book

Dpurchase day book

View Explanation & Discuss

Question 27

waec 2014

Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is

Aan error of omission

Ba compensating error

Can error of commision

Dan error of principal

View Explanation & Discuss

Question 28

waec 2014

Which of the following transactions will result in disagreement between the cash book and the bank statements?

Aselling of goods on credit to a customer

Bwithdrawal of goods by the proprietor for his personel use

Ccheque paid directly into the bank account by a customer

Domission of purchases received from a supplier on credit

View Explanation & Discuss

Question 29

waec 2014

Net turnover is referred to as

Apurchases

Bassets

Csales

Dprofits

View Explanation & Discuss

Question 30

waec 2014

The accounting treatment for a dishonored cheque is; debit

Acustomer's account; credit bank account

Bbank account; credit customer's account

Ccustomer's account; credit sales account

Dsales account; credit customer account

View Explanation & Discuss

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