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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.

50 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 11

waec 2018

Use the following information to answer the question that follows

N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

Prime cost of production is?

AN64,000

BN94,000

CN111,000

DN116,000

View Explanation & Discuss

Question 12

waec 2018

One of the components of factory overhead is............

Araw materials consumed

Bmanufacturing wages

Ccarriage inwards

Ddepreciation of plant and machinery

View Explanation & Discuss

Question 13

waec 2018

In a manufacturing account, royalties paid

Adebited to the trading account

Bcredited to the profit and loss account

Ccredited to the manufacturing account

Ddebited to the manufacturing account

View Explanation & Discuss

Question 14

waec 2018

A credit entry is made in the plant and machinery account for the ......................

Apurchase of an additional plant and machinery

Bsale of plant and machinery

Cmaintenance of plant and machinery

Dappreciation of plant and machinery

View Explanation & Discuss

Question 15

waec 2018

A fall in the value of a fixed asset due to technological changes is described as?

Asuperfluity

Bwear and tear

Cobsolescence

Ddepletion

View Explanation & Discuss

Question 16

waec 2018

The amount set aside out of profits to strengthen the financial position of the business is

Aposition

Breserve

Cdepreciation

Dsurplus

View Explanation & Discuss

Question 17

waec 2018

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

ALe 30,000 profit

BLe 20,000 profit

CLe 10,000 loss

DLe 30,000 loss

View Explanation & Discuss

Question 18

waec 2018

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

ALe 120,000

BLe 110,000

CLe 90,000

DLe 30,000

View Explanation & Discuss

Question 19

waec 2018

The wages of an office cleaner is classified as

Adirect labour cost

Bdirect expenses

Cfactory overhead

Dadministrative overhead

View Explanation & Discuss

Question 20

waec 2018

Cost of goods sold is calculated as...................

Aopening stock+ purchase - closing

Bopening stock + sales - closing stock

Copening stock + purchase + closing stock

Dopening stock + sales + closing stock

View Explanation & Discuss

Question 21

waec 2018

The concept which states that revenue is recognized when goods are sold is

Agoing concern concept

Bmatching concept

Cperiodically concept

View Explanation & Discuss

Question 22

waec 2018

The consistency concept aims at?

Aensuring that all expenses are matched against revenue

Breducing cost

Ccomparability of accounting records

Dsuppressing profits to be declared

View Explanation & Discuss

Question 23

waec 2018

The concept that implies that a business will operate for an indefinitely long period of time is...............

Agoing concern concept

Baccrual concept

Cbusiness entity concept

Dperiodicity concept

View Explanation & Discuss

Question 24

waec 2018

Which of the following activities will increase profits?

Adepreciation charges

Breduction in provision for doubtful debts

Cundervalued closing stock

Dreturns inwards

View Explanation & Discuss

Question 25

waec 2018

Sales and purchases ledger are used in a business to keep records of?

Athe owner's capital and cash transactions

Baccounts of individual customers and suppliers

Ccurrent assets and fixed assets

Dcurrent liabilities and long term liabilities

View Explanation & Discuss

Question 26

waec 2018

A debit balance of N420 on the purchase ledger control account means that as at that date............

Atrade creditors have been paid by N420

Btrade creditors are owed N420

Cgoods returned to trade creditors amounted to N420

Dtotal supplies from trade creditors amounted to N420

View Explanation & Discuss

Question 27

waec 2018

The current assets less current liabilities is

Aworking capital

Bcapital employed

Cfluctuating capital

Dfixed capital

View Explanation & Discuss

Question 28

waec 2018

An amount of Le2000 received from a customer, Koffi has been credited to another customer, Kofigo's account. This is an error of?

Aprinciple

Bcommission

Coriginal entry

Dcomplete reversal

View Explanation & Discuss

Question 29

waec 2018

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.

The amount payable if payment is made on the 40th day is...........

A88,920

B84,240

C80,028

D72,025

View Explanation & Discuss

Question 30

waec 2018

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.

The cash discount allowed on the 50th day is?

A9360

B8,424

C4680

D4212

View Explanation & Discuss

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