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 delivery van was bought on credit. The transaction would be entered by the customer first in the
Apurchases day book
Bsales day book
Creturns inwards book
Dreturns outwards book
Ejournal proper
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Question 12
waec1991
Accounting term used to describe the excess of current assets over current liabilities is
Ashared capital
Bworking capital
Csucscribed capital
Dreserve capital
Eloan capital
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Question 13
waec1991
Payment of salaries to partners is
Aa charge to profit and loss account
Ba charge to trading account
Can appropriation of divisible profit
Dan appropriation of interest on capital
Ean appropriation of interest on current account
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Question 14
waec1991
A business which converts raw materials to finished goods prepares
Atrading account and balance sheet
Bprofit and loss account and balane sheet
Cbalance sheet only
Dtrading profit and loss account and balance sheet
Emanufacturing, trading, profit and loss account and balance sheet
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Question 15
waec1991
Which of the following statements is not true of a non-profit making organization?
Aincome and expenditure account is prepared
Bincome and expenditure account excludes accruals and prepayments
CIncome and expenditure account excludes capital receipts and capital payments
Dreceipts and Payments account is a substitute for expenditure account
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Question 16
waec1991
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
Acosolidated fund
Brecurrent fund
Caccumulated fund
Dworking capital
Egeneral reserve
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Question 17
waec1991
The trading Account is usually headed
Afor the year ended............19 x 1
Bfor............19 x 1
Cas.............19 x 1
Das at.........19 x 1
E...................19 x 1
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Question 18
waec1991
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
Ai
Bii
Ciii
Di, ii and iii
Ei and ii
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Question 19
waec1991
The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
AN42,500
BN40,500
CN40,000
DN38,000
EN32,000
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Question 20
waec1991
In a manufacturing organization, which of the following expenses does not elate to cost of production?
Amaterials consumed
Bdirect labour
Cdirect overhead
Dadministration overhead
Ework-in-progress
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Question 21
waec1991
Carriage outwards is accounting term for amount spent on
Agoods purchased
Bgoods sold
Cexcess stock
Dgoods for production
Egoods returned to stock
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Question 22
waec1991
Capital is the
Aliability of tthe business to its proprietor
Bmoney owed by the company to others
Cmoney owed to the company by others
Dtotal of the long-term liabilities
Etotal of the short-term liaqbilities
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Question 23
waec1991
If the Opening stock is undervalued
Agoods available would be understated and gross profit overstated
Bgoods available and gross profit would be understates
Cgoods available would be overstated and gross profit understated
Dgross profit and goods available would be overstated
Ecost of goods sold would be overstated
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Question 24
waec1991
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
Ai
Bii
Ciii
Di and ii
Eii and iii
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Question 25
waec1991
The authority of the accountant-General to disburse from government fund is called
Avoucher
Bwarrant
Cestimate
Dprovision
Evote
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Question 26
waec1991
The document evidencing a disbursement of government fund is known as
Abill
Binvoice
Ctill book
Dpayment voucher
Elocal purchase order
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Question 27
waec1991
The authorized share capital of a limited liability company is the number of shares
Aoffered for sale
Bcalled up
Capproved in the memorandum of association
Dsubscribed
Epaid up
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Question 28
waec1991
Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to
