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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.

50 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

50 questions

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Question 21

jamb 2000

A general journal contains?

Adate, narration, folio, debit, and purchases

Bdate, narration, folio, debit and purchase

Cfolio, credit, date, debit and sales

Ddebit, credit, narration, and date

View Explanation & Discuss

Question 22

jamb 2000

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?

Afour column

Bthree column

Csingle column

Dtwo column

View Explanation & Discuss

Question 23

jamb 2000

A source document that aids the ascertainment of amount paid out of current account is the?

Ateller

Bcheque stub

Ccheque

Dteller stub

View Explanation & Discuss

Question 24

jamb 2000

Which of the following is an example of intangible assets?

Atrade debtors

Bstock of goods

Ctrade creditors

Dmotor vehicles

View Explanation & Discuss

Question 25

jamb 2000

The main objective of bookkeeping is to record economic?

Atransactions systematically for routine managerial decision-making

Bevents clearly to ensure adequate checks and balances

Cevents clearly to facilitate strategic managerial desicion-making

Dtransaction systematically to ascertain the financial position of a business

View Explanation & Discuss

Question 26

jamb 2000

what is the gross profit margin?

AN100%

BN50%

CN40%

DN30%

View Explanation & Discuss

Question 27

jamb 2000

Use the information below to answer question 4 and 5.

Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500

Calculate the net profit?

AN12,500

BN10,000

CN8,000

DN7,500

View Explanation & Discuss

Question 28

jamb 2000

In order to make the cash book balance equal to the bank statement, it is usual to add?

Auncredited cheques

Bdirect payments by bank

Cbank charges

Dunpresented cheques

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Question 29

jamb 2000

To write off bad debt, debt?

Adebtor's account and credit provision for bad debt

Bbad debt account and credit debtor's account

Cdebtor's account credit bad debt

Dprovision for bad debt account and credit debtor's account

View Explanation & Discuss

Question 30

jamb 2000

On November 1, 1998, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchases goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted a N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

AN32,500

BN32,000

CN31,000

DN29,500

View Explanation & Discuss

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