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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.

100 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

100 questions

Question 1 of 20 100 total questions

Question 11

waec 1995

Which of the following is capital expenditure?

Apurchase of stock

Ba purchase of motor vehicles for sale

Csubscriptionspaid

Dextension of building

Erepairs of generator

View Explanation & Discuss

Question 12

waec 1995

Which of the following does not lead to depreciation assets?

Awear and tear

Bpassage of time

Cdevaluation of Naira

Dobsolescence

Eusage

View Explanation & Discuss

Question 13

waec 1995

Expenses incurred but not yet paid is

Acontigent liability

Bcurrent liability

Ccurrent asset

Dfixed asset

Ecapiatal expenditure

View Explanation & Discuss

Question 14

waec 1995

The chief accounting officer of Nigeria is called the

Aauditor general

Bchief accountant

Ctreasurer

Daccountant general

Eminister of finance

View Explanation & Discuss

Question 15

waec 1995

Which of the following is not true of a trial balance?

Alist taken of the account balance in the general ledger

Bproof of the arithmetical accuracy of the ledger postings

Csummary of data for the preparation of financial statement

Dlist of account abstracted from a subsidiary ledger to check their agreement with the related control account

Elist of balances ensuring that the accounts are correct

View Explanation & Discuss

Question 16

waec 1995

Which of the following does not relate to a manufacturing concern?

Abalance sheet

Bprofit and loss account

Cledger account

Dcash book

Eincome and expenditure

View Explanation & Discuss

Question 17

waec 1995

Expenditure incurred to maintain an asset's earning capacity is called

Acapacity expenditure

Brevenue expenditure

Cgeneral expenditure

Dtangible expenditure

Eintangible expenditure

View Explanation & Discuss

Question 18

waec 1995

Which of the following is a fictitious asset?

Apreliminary expenses

Bfixtures and fittings

Ccash in hand

Dland and buildings

Einvestment

View Explanation & Discuss

Question 19

waec 1995

In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit

Aconsignee's account, credit cash account, credit cash account

Bcash account, credit consignor's account

Cconsignee's account, credit cash account

Dcash account, credit consignee's account

Eaccount sales, credit consignee's account

View Explanation & Discuss

Question 20

waec 1995

Which of the following does a consignee prepare and send to his consignor?

Aaccount eceivable

Bcurrent account

Caccount payable

Daccount sales

Econsignment account

View Explanation & Discuss

Question 21

waec 1995

The aggregate of amounts owed to a business by is customers is known as

Aaccounts receivable

Baccount current

Caccounts payable

Daccumulated fund

Edebtors' fund

View Explanation & Discuss

Question 22

waec 1995

The maximum amount which a company can raise by way of selling share is

Aissued capital

Bworking capital

Cpaid-up capital

Dshareholders capital

Eauthorized capital

View Explanation & Discuss

Question 23

waec 1995

A fund established for the payment of minor expenses is

Acash discount

Bcash flow

Cpetty cash

Daccumulated fund

Ereserve

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Question 24

waec 1995

Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

Ai and v

Bi and ii

Cii, ii and iii

Di and iv

Ei, iv and v

View Explanation & Discuss

Question 25

waec 1995

When a business is purchased, the double entries required in the purchaser's book are debit,

Avenfdor's account and credit purchase of business account

Basset account and credit purchases of business account

Ccash account and credit vendor's account

Dpurchase of business account

Evendor's account and credit cash account

View Explanation & Discuss

Question 26

waec 1995

The financial plan of the government for a year is contained in the

Avote book

Bcash analysis book

Cbudget

Dgeneral order

Egazette

View Explanation & Discuss

Question 27

waec 1995

Which of the following is not a cause discrepancy between cash book and bank statement balances?

Adeposits in transit

Bstanding order

Cpaid cheques

Ddishonoured cheque

Euncredited cheques

View Explanation & Discuss

Question 28

waec 1995

Provision for depreciation on office furniture is charged to

Acapital account

Bprofit and loss appropriation account

Ctrading account

Dprofit and loss account

Emanufacturing account

View Explanation & Discuss

Question 29

waec 1995

A list of balance extracted from the ledger is known as

Abalance sheet

Bstatement of affairs

Ctrading account

Dprofit and losss account

Etrial balance

View Explanation & Discuss

Question 30

waec 1995

Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

Aprinciple

Boriginal entry

Comission

Dcommission

Ecompensation

View Explanation & Discuss

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