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.

95 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

95 questions
Question 1 of 20 95 total questions
Question 11
waec 2012

Which of the following is not found in the personal ledger?

Adebtors account
Bcreditors account
Ccapital account
Dnominal account
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Question 12
waec 2012

If creditors at 1\1\10 were Le 3,000; creditors at 31/12/10 Le 5,500 and payments to creditors Le 29,000. The purchases figure for 2010 is

ALe 34,500
BLe 32,000
CLe 31,500
DLe 26,500
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Question 13
waec 2012

Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are

Aordinary partners
Blimited partners
Cdormant partners
Dsleeping partners
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Question 14
waec 2012

The portion of authorized capital that has been allotted to subscribers

Acalled up capital
Bpaid up capital
Cissued capital
Dnominal capital
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Question 15
waec 2012

The term used to denote the capital of a not-for-profit making organization is

Aannuity fund
Bnominal capital
Ccirculating capital
Daccumulated fund
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Question 16
waec 2012

The equivalent of income and expenditure account in a trading concern is

Atrading account
Bprofit and loss account
Cappropriation account
Dbalance sheet
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Question 17
waec 2012

Which of the following is not an input device?

Acard reader
Bpaper top reader
Calpha-numeric keyboard
Dline partnership
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Question 18
waec 2012

Rent accrued in 2009 was D140, in 2010, D900 was paid while D160 was outstanding. Rent for 2010 was

AD1,200
BD1,060
CD920
DD880
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Question 19
waec 2012

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

Agoing concern
Bentity
Cconsistency
Drealization
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Question 20
waec 2012

which of the following is a component of prime cost?

Adepreciation
Broyalty
Cfactory rent
Dfactory electricity
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Question 21
waec 2012

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

Aordinary partner
Blimited partner
Cdormant partner
Dnominal partner
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Question 22
waec 2012

Which of the following is not prepared by a partnership?

Atrading account
Bprofit and loss account
Cincome and expenditure account
Dprofit and loss appropriation account
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Question 23
waec 2012
The name given to a budget in public service accounting is
Avote
Bsubvention
Cgeneral order
Destimate
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Question 24
waec 2012

Branch stock account is used to determine the

Anet value of goods sent to branch
Bgross profit of the branch
Cbranch credit sales
Dbranch net profit or loss
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Question 25
waec 2012

Osa started business with Le 40,000 cash. The accounting entry is debit

Acash account; credit capital account
Bcapital account; credit cash account
Cpurchases account; credit cash account
Dexpenses account; credit capital account
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Question 26
waec 2012

Which of the following is an example of factory overheads?

Asalary of marketing officer
Bsalary of production officer
Csalary of accounting officer
Dwages of machine operator
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Question 27
waec 2012

Capital receipt is collected

Aon sales of motor vehicle
Bon sales of stock in trade
Cfrom trade debtors
Dfrom trading activities
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Question 28
waec 2012

The addition of prime cost and factory overhead is

Atotal factory overheads
Bmarket value of goods produced
Ccost of goods produced
Dwork-in-progress
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Question 29
waec 2012

Which of the following is a trading account item?

Adiscount allowed
Bdiscount recieved
Ccarriage outwards
Dcarriage inwards
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Question 30
waec 2012

The process of entering transaction from one book to another is

Areading
Bposting
Cnumbering
Dlisting
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