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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.

99 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

99 questions

Question 1 of 20 99 total questions

Question 11

waec 2017

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,000. What is his profit figure?

AN900,000

BN864,000

CN840,000

DN180,000

View Explanation & Discuss

Question 12

waec 2017

Which of the following accounts or statements is used to determine credit purchase figures in incomplete records?

ABank Account

BControl Account

CProfit and Loss Account

DStatement of Affairs

View Explanation & Discuss

Question 13

waec 2017

A disadvantage of single entry system of book-keeping is that

Athe profit for the period is reduced

Bit is difficult to determine profit for the period

Ctotal sales for the period is reduced

Dthe owner of the firm withdraws money from the enterprise

View Explanation & Discuss

Question 14

waec 2017

Which of the following items will appear in the Total Creditors Account?

ADiscount allowed

Bcredit sales

CDiscount received

Dcash purchases

View Explanation & Discuss

Question 15

waec 2017

The purpose of keeping Sales and Purchases Ledger Control Account is to

Amatch credit ids Sales and credit purchases

Bequate debtors balance to creditors balance

Cverify total debtors and total creditors balances

Ddetermine cash sales and cash purchases

View Explanation & Discuss

Question 16

waec 2017

In a manufacturing enterprise depreciation of plant is treated in the

Atrading account

Bprofit be and loss account

Cmanufacturing account

Dappropriation account

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Question 17

waec 2017

The production cost of a manufacturing firm is made up of

Aindirect materials

Bfactory overheads and prime cost

Cdirect materials and wages

Dfactory overheads and directs materials

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Question 18

waec 2017

Factory wages from part of

Aadministration cost

Bselling and distribution cost

Coverhead cost

Dprime cost

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Question 19

waec 2017

The excess of the market value of goods produced over the cost of production is

Aprofit on manufacturing

Bnet profit

Cgoodwill

Dgross profit

View Explanation & Discuss

Question 20

waec 2017

Use the following information to answer the question below

Sales ledger balances 01/06/12------ 9,000
30/06/12------------------------------------30,000
Total for the month: Cash sales----- 10,000
Returns inwards --------------------------3,000
Cheque dishonoured-------------------- 4,000

The credit sales for the month is?

A36,000

B31,000

C20,000

D30,000

View Explanation & Discuss

Question 21

waec 2017

Use the following information to answer the question below

The total sales for the month is?

A36,000

B31,000

C30,000

D10,000

View Explanation & Discuss

Question 22

waec 2017

An organization purchased a piece of equipment for N112,000. It is expected to be used for 6 years then sold for N16,000. What is the annual amount of depreciation, if the straight-line method is used?

AN16,000

BN15,000

CN12,800

DN12,000

View Explanation & Discuss

Question 23

waec 2017

The cost of transporting purchased goods t0 the warehouse is charged to the

Aprofit and loss account

Bappropriation account

Ctrading account

Dincome surplus account

View Explanation & Discuss

Question 24

waec 2017

Carriage outward expenses of a business are treated in the

Abalance sheet

Bincome sur plus account

Cprofit and loss account

Dtrading account

View Explanation & Discuss

Question 25

waec 2017

The prudence concept demands that

Acare is exercised in recognition of profit

Bloss should be anticipated

Cprofit should be reported

Dincome should be recognized and disclosed

View Explanation & Discuss

Question 26

waec 2017

Which of the following accounts are found in the nominal ledger?
I. Advertising
ll.Motor repairs
lll. Additions to the motor vehicle

Amateriality

Bperiodicity

Cobjectivity

Dconservatism

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Question 27

waec 2017

The accounting concept that provides that accounting statements should not be influenced by personal opinion is

Amateriality

Bperiodicity

Cobjectivity

Dconservatism

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Question 28

waec 2017

Account payable is classified as a

Aprepayment

Bprovision

Ccurrent liability

Dlong term liability

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Question 29

waec 2017

The accounts of Jute Enterprise in the books of a supplier will be a

Anominal account in the general ledger

Bpersonal account in the sales ledger

Cpersonal account in the purchases ledger

Dreal account in the general ledger

View Explanation & Discuss

Question 30

waec 2017

Which of the following describes a trial balance?

Ait shows all the entries in the books

BIt reveals the financial position of a business

CIt is a list of accounting balances on the books

Dit is a special account

View Explanation & Discuss

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