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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.

1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

1,757 questions

Question 1 of 20 1,757 total questions

Question 201

waec 2016

Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The subscribed share capital is

AN300,000

BN250,000

CN200,000

DN150,000

View Explanation & Discuss

Question 202

waec 2016

When allotments have been fully paid, subscribers are referred to as

AAllotters

BApplicants

CNon-members

DShareholders

View Explanation & Discuss

Question 203

waec 2016

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

ACapital account

BAppropriation account

CDrawings account

DProfit and loss account

View Explanation & Discuss

Question 204

waec 2016

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A5%

B10%

C12%

D15%

View Explanation & Discuss

Question 205

waec 2016

Where fixed capitals are maintained in a partnership, share profits are

ACredited to partners capital accounts

BCredited to partners current accounts

CDebited to partners capital accounts

DDebited to partners current accounts

View Explanation & Discuss

Question 206

waec 2016

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

ARealization concept

BBusiness entity concept

CCost concept

DDual aspect concept

View Explanation & Discuss

Question 207

waec 2016

Purchases of fixtures and fittings by a club is recorded in the

AReceipts and payments account only

BIncome and expenditure only

CReceipts and payments account and balance sheet

DIncome and expenditure account and balance sheet

View Explanation & Discuss

Question 208

waec 2016

Which of the following is a credit item in an income and expenditure account?

AElectricity

BDonations

CStationery

DBar suppliers

View Explanation & Discuss

Question 209

waec 2016

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

AGH¢45,300

BGH¢28,992

CGH¢27,180

DGH¢24,160

View Explanation & Discuss

Question 210

waec 2016

Use the following information to answer this question.

Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211

The total purchases is

AD 161,841

BD 156,986

CD 134,673

DD 132,200

View Explanation & Discuss

Question 211

waec 2016

AD 161,841

BD 156,986

CD 134,673

DD 132,200

View Explanation & Discuss

Question 212

waec 2016

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

ACurrent assets

BFixed assets

CCurrent liabilities

DLong term liabilities

View Explanation & Discuss

Question 213

waec 2016

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

AI and II only

BI and III only

CI, II and III only

DI,II and IV only

View Explanation & Discuss

Question 214

waec 2016

Use the following information to answer this question.

Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.

The total costs of the computers is

ALe 80,000

BLe 96,000

CLe 100,000

DLe 104,000

View Explanation & Discuss

Question 215

waec 2016

ALe 80,000

BLe 96,000

CLe 100,000

DLe 104,000

View Explanation & Discuss

Question 216

waec 2016

Which of the following would result from an increase in the provision for doubtful debts?

AA Decrease in gross profit

BA decrease in net profit

CAn increase in gross profit

DAn increase in net profit

View Explanation & Discuss

Question 217

waec 2016

Use the following information to answer this questions.

Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.

The balance sheet as at 31st December 2014 will show

ACurrent asset of N600

BCurrent asset of N400

CCurrent liability of N400

DCurrent asset of N600

View Explanation & Discuss

Question 218

waec 2016

Use the following information to answer this questions.

Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.

Rent for 2014 chargeable to the profit and loss account is

AN4,000

BN3,000

CN3,200

DN2,800

View Explanation & Discuss

Question 219

waec 2016

The excess of cost of goods sold over net sales is

AGross profit

BGross loss

CNet profit

DNet loss

View Explanation & Discuss

Question 220

waec 2016

The balance sheet is prepared to reveal

AThe result of the operations for the period under review

BThe financial position of the business

CThe arithmetical accuracy of the ledger accounts

DThe accruals and payment

View Explanation & Discuss

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