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 fixed amount of money set aside for pretty expenses is called
Aordinary fund
Baccumulated fund
Cfloat
Dimprest receipt
Eimprest fund
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Question 12
waec1992
As evidence of payment to a government ministry, the revenue collector issue
Atreasury card
Breceipt voucher card
Ctreasury recipet
Dpayment voucher
Estore receipt voucher
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Question 13
waec1992
Materials are taken out of government unallocated store by means of
Averbal instruction by the Governor
Bstores issue voucher
Cstores credit voucher
Dstore ledger card
Edepartmental authorisation order
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Question 14
waec1992
The Chief accounting officer of the Federation Republic of Nigeria is the
Achief accountant
Bminister of finace
Cminister of economic planning
Daccountant general of the federation
Eauditor general of the federation
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Question 15
waec1992
The assets of business can be classified broadly int
Afixed and floating assets
Bfixed and current assets
Cintangible and fixed assets
Dcurrent and circulating assets
Einvestment and tangibl assets
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Question 16
waec1992
One of the advantages of control account is that
Aall errors are localised tus reducing delays in balancing accounts
Ball erroes are generalized thus reducing delays in balancing accounts
Cbook keepers cannot make mistakes
Dall errors are posted into the account
Eall cash transactions are posted into the accounts
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Question 17
waec1992
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
Ai and ii
Bii and iv
Ci and iv
Dii and iii
Ei and iii
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Question 18
waec1992
In a professional partnership, membership must be between
A2 and 8
B2 and 10
C2 and 50
D2 and any number
E2 and 20
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Question 19
waec1992
Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings
Ai and iii
Biii and iv
Cii and iv
Di, ii and iii
Ei, ii, iii and iv
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Question 20
waec1992
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
Aledger
Bprincipal journal
Ccash book
Dpurchases day book
Esales day book
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Question 21
waec1992
Which of the following will not affect the agreement of the cash book balance and bank statement balance?
Abank charges
Bstanding order
Cdishonoured cheque
Dcash payment
Eunpresented cheques
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Question 22
waec1992
In a non-profit oriented organization, the excess of income over expenditure is
Aasses ro the capita,l
Badded to the accumulated fund
Cdeducted from the capital
Ddeduced from the accumulated fund
Ededuced from the reserve
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Question 23
waec1992
Directors' remuneration are recorded in the book as
Arevenue expenditure
Bappropriaion
Cdeferred expenditure
Dprovision
Ecapital expenditure
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Question 24
waec1992
Subscription in advance is treated in the balance sheet of a club as
Acurrent liability
Bcurrent asset
Cfixed asset
Dfictitious asset
Eintangible asset
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Question 25
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. The amount carried in the Balance Sheet is classified as
Acurrent asset
Bcurrent liabilities
Cinvestment
Dfictitious asset
Ereserve
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Question 26
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?
AN1,350
BN1,080
CN338
DN270
EN90
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Question 27
waec1992
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?
AN1,350
BN1,080
CN338
DN270
EN90
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Question 28
waec1992
Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at
Aa discount
Ba profit
Ca loss
Dpar
Ea premium
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Question 29
waec1992
Which of the following is not a book of prime entry?
Acash book
Bpuchases day book
Csles day book
Djournal paper
Epurchases ledger
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Question 30
waec1992
The purchases of a typewriter for the office was debited to purchases account. This is an error of
