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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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

3,370 questions
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Question 1 of 20 3,370 total questions
Question 191
waec 2022

Use the following information to answer questions below

A trader bought goods worth #16,000 and sold three-quarter of it for #20,000

The gross profit is

A#4,000
B#8,000
C#12,000
D#6,000
View Explanation & Discuss
Question 192
waec 2022

The user of accounting information who is responsible for overall performance of the business is the

Acustomer
Bemployee
Cshareholder
Ddirector
View Explanation & Discuss
Question 193
waec 2022

One of the items on the credit column of a trial balance is

Areturns outwards
Bcarriage outwards
Creturns inwards
Dcarriage inwards
View Explanation & Discuss
Question 194
waec 2022

Use of following information to answer questions below

  D
Motor vehicle 500000
Stock 35000
Debtors 18000
Cash 12850
Bank overdraft 280000
Creditors 21500

 

The total current liability is

AD 301,500
BD 258,500
CD 264,350
DD 280,000
View Explanation & Discuss
Question 195
waec 2022

Use of following information to answer questions below

  D
Motor vehicle 500000
Stock 35000
Debtors 18000
Cash 12850
Bank overdraft 280000
Creditors 21500

 

The total current asset is

AD 65,850
BD 367,350
CD 345,850
DD 87,850
View Explanation & Discuss
Question 196
waec 2022

Use of following information to answer questions below

     D

Motor vehicle

 500000

Stock

  35000

Debtors

 18000

Cash

 12850

Bank overdraft

 280000

Creditors

  21500

The capital is

AD 867,350
BD 544,350
CD 264,350
DD 832,350
View Explanation & Discuss
Question 197
jamb 2022
The document that summarises a company's assets and liabilities is the
Acash book
Bjournal
Cbalance sheet
Dledger
Question 198
waec 2021

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is 

ALe260,000
BLe200,000
CLe140,000
DLe60,000
View Explanation & Discuss
Question 199
waec 2021

A transaction that would cause the cash book balance to be less than the bank statement balance is

Adirect debit
Bstanding order
Cbank charges
Dunpresented cheques
View Explanation & Discuss
Question 200
waec 2021

Suspense account is used in the correction of

Aall errors in the trial balance
Berrors that affect the agreement of a trial balance
Cerrors that do not affect the agreement of a trial balance
Derrors that affect the accuracy of the net profit
View Explanation & Discuss
Question 201
waec 2021

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

The balance of rent in the balance sheet would be

Acurrent asset of GH¢36,000
Bcurrent asset of GH¢12,000
Ccurrent liability of GH¢12,000
Dcurrent liability of GH¢48,000
View Explanation & Discuss
Question 202
waec 2021

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

Rent expense for 2018 was 

AGH¢84,000
BGH¢48,000
CGH¢36,000
DGH¢12,000
View Explanation & Discuss
Question 203
waec 2021

Accounting concepts are rules of accounting which are to be 

Ataught in all accounting classes
Bimplemented by all professional bodies
Cfollowed in the preparation of financial statements
Dapplied in correction of business errors
View Explanation & Discuss
Question 204
waec 2021

Provision is made in the accounts when the amount involved in the anticipated loss is

Atoo much
Bnot significant
Cnot certain
Dwell known
View Explanation & Discuss
Question 205
waec 2021

Wages accrued is shown in the balance sheet as 

Aan asset
Ban income
Can expense
Da liability
View Explanation & Discuss
Question 206
waec 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

The net book value of the asset at 31/12/19 is

A₦523,500
B₦510,000
C₦433,500
D₦420,000
View Explanation & Discuss
Question 207
waec 2021

Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

Depreciation for the year 2019 is 

A₦180,000
B₦166,500
C₦90,000
D₦76,500
View Explanation & Discuss
Question 208
waec 2021

Acid test ratio of a firm measures the 

Aprofitability of a firm
Bcapital adequacy of a firm
Cliquidity of a firm
Dquality of debtors of a firm
View Explanation & Discuss
Question 209
waec 2021

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

Ageneral partner
Bsleeping partner
Cquasi partner
Dlimited partner
View Explanation & Discuss
Question 210
waec 2021

The objective of preparing departmental account is to determine the

Asales of each department
Btotal cost attributable to each department
Ccapital employed by each department
Dprofitability of each department
View Explanation & Discuss
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