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.
The salary of a shop keeper who sells goods would be charged in the
Abalance sheet
Bsales account
Cprofit and loss account
Dtrading account
Emanufacturing account
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Question 13
waec1990
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods available for sale will be
A3,186
BN2,255
CN2,175
DN2,055
EN1,935
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Question 14
waec1990
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
AN3,186
BN2,866
CN2,255
DN2,175
EN1,935
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Question 15
waec1990
Carriage inwards is shown on the
Adebit side of the profit and loss account
Bcredit side of the trading account
Cdebit side of the trading account
Dcredit side of the profi and loss account
Edebit side of the cash book
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Question 16
waec1990
A balance of N102 on waged account was transferred as N120. This is error of
Atransposition
Bomission
Cprinciple
Doriginal entry
Ecompensation
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Question 17
waec1990
Which of the following will not affect the agreement of the rial balance? i. compensating error ii. debiting an item instead of crediting it iii. making only a single entry
Ai
Bii
Ciii
Dii and iii
Ei, ii ans iii
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Question 18
waec1990
Which of the following belongs to the Nominal Ledger?
Acreditors account
Bdebitors account
Csalaries account
Dfixtures account
Estock account
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Question 19
waec1990
Which of the following should be included in the adjusted cash book?
Abank charges and commission
Bcheques issued, presented and cashed
Cbank deposits
Dcash payments made by the firm
Eopening bank overdraft
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Question 20
waec1990
The balance of the pretty cash book should be
Adeducted from the balance of the cash account
Bshown in the balance sheet as cash-in-hand
Creconciled with the bank balance
Dreturned to the sales manager
Eshown in the balance sheet as liability
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Question 21
waec1990
Cash discount received would be shown in the i. cash book ii. discount received account iii. supplier's account
Ai and iii
Bi, ii, and iii
Ciii
Di and ii
Eii and iii
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Question 22
waec1990
An overdraft is usually shown as a
Acredit balance in the cash column of the cash book
Bdebit balance in the cash column of the cash book
Cdebit balance in the loan account
Dcredit balance in the bank column of the cash book
Edebit balance in the bank column of the cash book
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Question 23
waec1990
The purchase of a typewriter for office use for N2,500 should be debited to
Abank accoun
Bsales account
Ccash account
Dpurchases account
Eassets account
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Question 24
waec1990
A credit note from a supplier for damaged goods would first be entered in the
Apurchase day book
Bsales day book
Ccash book
Dreturns inwards book
Ereturns outwards book
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Question 25
waec1990
The sales day book will show goods sold
Afor cash and credit
Bfor cash
Con credit
Dto wholwsalers
Eto retailers
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Question 26
waec1990
The principal of double entry book-keeping is that
Aevery debtor must have a creditor
Bevery account debited must be immediately credited
Cfor every debit there must be a corresponding credit
Dfor every double debit, threre must be a double credit
Efor every item there must be a doubkle entry
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Question 27
waec1990
Which of the following is true of the uses of the journal proper? i. correction of errors. ii. opening and closing the accounting books iii. recording cash purchases
Ai
Bii
Ciii
Di and ii
Ei and iii
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Question 28
waec1990
The trial balance will show return outwards account N60. discount allowed account N100, respectively as
AN60 credit, N100 credit
BN60 credit, N100 debit
CN60 debit, N100 debit
DN61 debit, N100 credit
EN160 credit, N60 credit
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Question 29
waec1990
Which of the following errors affects the trial balance?
Acommission
Bomission
Cprinciple
Doriginal entry
Elone entry
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Question 30
waec1990
Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?
