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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 1 of 10 50 total questions
Question 21
jamb 2004
Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?
AN345
BN750
CN1,380
DN1,500
View Explanation & Discuss
Question 22
jamb 2004
The balance on the provision for depreciation account is?
Aadded to fixed assets on the balance sheet
Bdeducted from the fixed assets on the balance sheet
Cdeducted from the profitand loss account
Dadded to current liabilities of the account
View Explanation & Discuss
Question 23
jamb 2004
Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?
AN2,300
BN9,900
CN17,100
DN19,500
View Explanation & Discuss
Question 24
jamb 2004
The imprest account is subsidiary to the?
Aledger account
Bbank account
Ccash book
Dbank column
View Explanation & Discuss
Question 25
jamb 2004
The receipt whose name appears on a cheque is called a?
Apayer
Bdrawer
Cdrawee
Dpayee
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Question 26
jamb 2004
A debit in the suspense accounting will appear in the balance sheet as?
Aa current asset
Ba current lability
Ccapital
Ddrawings
View Explanation & Discuss
Question 27
jamb 2004
The rule of accounting equation requires that account payable should be placed under?
Aliabilities
Bequities
Cassets
Dcapital
View Explanation & Discuss
Question 28
jamb 2004
A source document is used for verifying the?
Aamount due to creditors
Bactual cost of an asset
Cselling price of goods
Damount due from debtors
View Explanation & Discuss
Question 29
jamb 2004
The loss of equipment in a fire disaster results in?
Aa decrease in current assets
Ban increase in liabiities and assets
Ca decrease in assets and capital
Dan increase in liabilities and a decrease in assets
View Explanation & Discuss
Question 30
jamb 2004
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
Aconsistency
Bmateriality
Cobjectivity
Drealization
View Explanation & Discuss
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