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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.

98 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

98 questions
All JAMB WAEC CUSTOM
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Question 1 of 20 98 total questions
Question 11
waec 2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)

\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Subscriptions relating to the year 2004 is
AD19,600
BD17,300
CD16,500
DD15,00
View Explanation & Discuss
Question 12
waec 2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)

\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Rates charged to the income and expenditure Account for the year 2004 is
AD2,200
BD1,600
CD1,500
DD1,400
View Explanation & Discuss
Question 13
waec 2005
Use the following information to answer the given question
RECEIPTS AND PAYMENTS ACCOUNT:
\(\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}\)

\(\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}\)
Accumulated fund as at 1st January 2004 is
AD54,100
BD52,800
CD52,600
DD51,300
View Explanation & Discuss
Question 14
waec 2005
Where a firm has not kept proper books of account, an increase in closing capital over opening capital represents
Aprofit
Bloss
Cprepayments
Dcash balance
View Explanation & Discuss
Question 15
waec 2005
Which of the following is not credited to debtors control account?
Aprovision for bad debt
Bbas debt
Cdiscount allowed
Dbills receivable
View Explanation & Discuss
Question 16
waec 2005
Which of the following is not contained in sales ledger control account?
Areturns inwars
Breturns outwards
Creceipts from debtors
Ddishonored cheques
View Explanation & Discuss
Question 17
waec 2005
Which of the following is used to derive missing figures in a system of incomplete records?
Acontrol account
Bbank account
Cprofit and loss account
Dbank statement
View Explanation & Discuss
Question 18
waec 2005
Which of the following is a factory overhead?
ADepreciation of plant and machinery
BRoyalties
Craw materials consumed
Dcarriage outwards
View Explanation & Discuss
Question 19
waec 2005
Depreciation of assets is provided for provided for in consideration of
Adisposal
Bloss by fire
Closs in transit
Dwear and tear
View Explanation & Discuss
Question 20
waec 2005
Capital expenditure is the
Acost of running a business
Bmoney spent on buying goods for resale
Cmoney spent on acquire fixed assets
Dextra capital paid in by the proprietor
View Explanation & Discuss
Question 21
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is
AN18,150 Cr
BN16,150 Cr
CN10,150 Cr
DN6,150 Cr
View Explanation & Discuss
Question 22
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is
AN40,500
BN30,500
CN30,000
DN25,000
View Explanation & Discuss
Question 23
waec 2005
Use the following information to answer the question
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is
AN19,750
BN15,250
CN15,000
DN10,250
View Explanation & Discuss
Question 24
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
AN39,500
BN30,500
CN30,000
DN20,500
View Explanation & Discuss
Question 25
waec 2005
An example of fixed asset is
Acreditors
Bgoodwill
Caccruals
Dfurniture
View Explanation & Discuss
Question 26
waec 2005
Gross profit is calculated in the
Atrading account
Bprofit and loss account
Cappropriation account
Dpartners current account
View Explanation & Discuss
Question 27
waec 2005
The total of the sales journal is entered on the
Adebit side of sales account
Bdebit side of cash account
Ccredit side of sales account
Dcredit side of cash account
View Explanation & Discuss
Question 28
waec 2005
The maximum level of cash held by by a cashier under an imprest system is a/an
Avote
Bfloat
Creimburstment
Dadvance
View Explanation & Discuss
Question 29
waec 2005
A debit balance of N1,000 in cash account means that
Acash in hand is N1,000
Bcash has been overspent by N1,000
Ctotal cash paid out is N1,000
Dtotal cash received was less by N1,000
View Explanation & Discuss
Question 30
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)

Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Adjusted Cash Book balance is
AN3,800 O/D
BN3,310 O/D
CN3,030 O/D
DN2,540 O/D
View Explanation & Discuss
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