Accounting Past Questions

Question 11

waec 2015

In the balance sheet of a social club, subscription owing is treated as a

ACurrent liability

BCurrent asset

CTangible asset

DLong term liability

View Explanation & Discuss

Question 12

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Net profit for the year is

AD12,260

BD3,740

CD2,440

DD2,040

View Explanation & Discuss

Question 13

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Closing capital is

AD8,100

BD7,400

CD6,700

DD5,200

View Explanation & Discuss

Question 14

waec 2015

Use the following information to answer the question below

\(\begin{array}{c|c}
& 1/7/10 & 30/6/11 \\
& D & D \\
\hline
\text{Stock} & 1,460 & 4,200 \\
\hline
\text{Motor Car} & 3,600 & 3,200 \\
\hline
\text{Creditors} & 600 & 700
\end{array}\)
Drawings during the year amounted to D1,500.

Opening capital is

AD5,660

BD5,060

CD4,460

DD2,960

View Explanation & Discuss

Question 15

waec 2015

Which of the following is a not revealed by a firm's accounting records?

AProfit of a period

BQuality of labour force

CCredit worthiness

DValue of assets

View Explanation & Discuss

Question 16

waec 2015

The total of the returns outwards journal is posted to the

ACredit side of the returns outwards book

BDebit side of the returns outwards account

CDebit side of the purchases returns book

DCredit side of the returns outwards account

View Explanation & Discuss

Question 17

waec 2015

Which of the following items is found in the sales ledger control account?

ADiscount received

BTotal credit purchases

CDiscount allowed

DReturns outwards

View Explanation & Discuss

Question 18

waec 2015

The process of using sales ledger balance to cancel off purchases ledger balance is

ABalancing

BSet off

CReconcilation

DCancelling

View Explanation & Discuss

Question 19

waec 2015

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

ACurrent liability

BExpenses

CIncome

DCurrent asset

View Explanation & Discuss

Question 20

waec 2015

Which of the following is not a method of depreciating fixed assets?

ARevaluation

BStraight Line

CDiminishing balance

DObsolescence

View Explanation & Discuss

Question 21

waec 2015

The cost of putting goods into a saleable condition is charged to

ABalance sheet

BTrial balance

CProfit and loss account

DTrading account

View Explanation & Discuss

Question 22

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

Electricity in arrears as at June 30, 2012 amounted to

AGH¢ 12,000

BGH¢ 10,000

CGH¢ 8,000

DGH¢ 4,000

View Explanation & Discuss

Question 23

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012 is_____?

AGH¢ 36,000

BGH¢ 30,000

CGH¢ 27,000

DGH¢ 24,000

View Explanation & Discuss

Question 24

waec 2015

Use the following information to answer the questions below.
Extracts from the books of a firm as at June 30, 2012 showed the following balances.

\(\begin{array}{c|c}
& \text{Dr GH¢} & \text{Cr GH¢} \\
\hline Advertising & 36,000 & - \\
\hline
Electricity & 60,000 & -
\end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

Advertising owing in respect of the year ended June 30, 2012 is _______?

AGH¢ 12,000

BGH¢ 9,000

CGH¢ 6,000

DGH¢ 3,000

View Explanation & Discuss

Question 25

waec 2015

Unpresented cheques are cheques_________

AThat have been recorded in the cash book but not by the bank

BThat have been received by the bank, but not recorded in the cash book

CReturned by the bank

DWritten but not handed over to customers

View Explanation & Discuss

Question 26

waec 2015

When the invoice of a customer is overcast, the supplier will send to him a

ACheque

BPayment voucher

CDebit note

DCredit note

View Explanation & Discuss

Question 27

waec 2015

Which of the following expresses the accounting equation?

ACapital + assets = liabilities

BAssets - liabilities = Capital

CLiabilities + Current Assets = Fixed assets

DLiabilities - Capital = Current assets

View Explanation & Discuss

Question 28

waec 2015

The accounting entry to correct sales day book overcast is?

ADebit sales account and credit debtors account

BDebit suspense account and credit sales account

CDebit debtors account and credit suspense account

DDebit sales account and credit suspense account

View Explanation & Discuss

Question 29

waec 2015

Which of the following accounts has a credit balance?

ACapital

BCash

CDrawings

DPremises

View Explanation & Discuss

Question 30

waec 2015

Discount received account is a

AReal account

BPersonal account

CNominal account

DProfit and loss account

View Explanation & Discuss

Accounting Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty