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Accounting Past Questions

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1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2

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1,757 questions

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Question 251

waec 2014

Use the following information to answer the question given.

\(\begin{array}{c|c} Capital & Le\\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\).
Profit sharing is in the ratio of capital. Aye;s share of profit is

ALe 6,000

BLe 4,800

CLe 4000

DLe 3,200

View Explanation & Discuss

Question 252

waec 2014

Use the following information to answer the question given.

\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & \\ Aye & 8,000 \\ Bee & 2,000 \\ \text{Profit for the year} & 2,000\\ \text{Interest on capital-6%} & \\ \text{Interest on drawings - 10%} & \end{array}\)
Profit sharing is in the ratio of capital. The divisible profit is

ALe 14,000

BLe 12,000

CLe 10,000

DLe 8,000

View Explanation & Discuss

Question 253

waec 2014

Shares issued below nominal value are referred to as shares at

Apremium

Bdiscount

Cface value

Dcumulative value

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Question 254

waec 2014

When shares are issued above their nominal value, the excess above the nominal value is

Acredited to profit and loss account

Bdebited to share premium account

Ccredited to share capital account

Dcredited to share premium account

View Explanation & Discuss

Question 255

waec 2014

The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is

Aconstitency concept

Bprudence concept

Caccrual concept

Dgoing corncern cocept

View Explanation & Discuss

Question 256

waec 2014

In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a

Asurplus

Bshortfall

Closs

Ddeficit

View Explanation & Discuss

Question 257

waec 2014

A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?

AD33,000

BD28,000

CD23,000

DD5,000

View Explanation & Discuss

Question 258

waec 2014

When an asset is sold, the entries for the accumulated depreciation are; debit

Aassets disposal account; credit provision for depreciation account

Bprovision for depreciation account; credit asset disposal account

Cfixed asset account; credit asset disposal account

Dasset disposal account; credit fixed asset account

View Explanation & Discuss

Question 259

waec 2014

The sum of direct cost in a manufacturing account is

Aproduction cost

Bprime cost

Ctotal cost

Dfinance cost

View Explanation & Discuss

Question 260

waec 2014

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

Aperiodicity

Baccrual

Centity

Dmateriality

View Explanation & Discuss

Question 261

waec 2014

Which of the following items is not contained in the Receipts and Payments Account?

ASubscription paid in advance

Bstock paid for in advance

Coutstanding wages and salaries

Ddonations

View Explanation & Discuss

Question 262

waec 2014

which of the following is not an administrative expenses in a manufacturing organization?

Adiscounts allowed

Boffice electricity

Cstationery

Dinsurance

View Explanation & Discuss

Question 263

waec 2014

Net profit in a business is

Athe amount of money taken out of the business by the owner

Bthe cash in the business bank account

Cthe difference between sales and cost of sales

Dsales revenue less cost of sales expenses

View Explanation & Discuss

Question 264

waec 2014

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

Ai, ii and iii only

Bi, iii and iv only

Cii, iii and iv only

Diii and iv only

View Explanation & Discuss

Question 265

waec 2014

The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as

Aan acquisition of fixed asset

Ban expense in its general office expense account

Cpart of capital in the capital account

Dan acquisition of stock

View Explanation & Discuss

Question 266

waec 2014

Use the information to answer the question given.

\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000\\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the accumulated depreciation as at 31/12/2013 is

A₦18,500

B₦17,000

C₦16,000

D₦8,000

View Explanation & Discuss

Question 267

waec 2014

Us the following information to answer the question given.

\(\begin{array}{c|c} \text{Cost of motor vehicle - 1\1\12} & ₦ 85,000 \\ \text{Residual value} & ₦5,000 \\ \text{Estimated useful lifespan 10 years} & \end{array}\).
The business make use of the straight line method for providing depreciation, the annual depreciation is

A₦9,000

B₦8,500

C₦8,000

D₦6,500

View Explanation & Discuss

Question 268

waec 2014

Which of the following is entered in the general journal?

Apurchase of goods

Bsale of goods on credit

Creturns inward

Daquisition of fixed assets

View Explanation & Discuss

Question 269

waec 2014

An error of principle is made, if

Aan entry has been made on the wrong class of account

Ba transaction has been completely omitted

Can entry has been made on the wrong side of the two accounts corcened

Da transaction is entered in both accounts for the wrong amount

View Explanation & Discuss

Question 270

waec 2014

Which of the following is used to record the disposal of a fixed asset?

Ajournal proper

Bpetty cash book

Csales day book

Dpurchase day book

View Explanation & Discuss

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