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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.

49 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

49 questions

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Question 21

jamb 2014

Given:

If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

A#25,650

B#22,800

C#19,950

D#18,240

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Question 22

jamb 2014

The accounting entries to record a cheque issued by a business is to

Adebit cash book and credit drawer

Bcredit cash book and debit drawer

Cdebit cash book and credit suspense account

Dcredit cash book and debit suspense account

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Question 23

jamb 2014

The book of account in which information from the source documents are recorded consists of

Adebit and credit notes

Bledger and subsidiary books

Cprepayments and accruals

Dprofit and loss and balance sheet

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Question 24

jamb 2014

A ledger is classified into

Aprivate, sales and purchases

Bpersonal, general and private

Cgeneral, private and sales

Dsales, purchases and general

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Question 25

jamb 2014

Which of the following affects the accuracy and authenticity of the trial balance?

AError of ommission

BError of commission

CError of transposition

DError of original entry

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Question 26

jamb 2014

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

Asales day book

Bpurchases day book

Csales subsidiary book

Dcash book

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Question 27

jamb 2014

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

Acash account

Bbank account

Csuspense account

Dpurchases account

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Question 28

jamb 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

Amatching

Bconsistency

Crealization

Dgoing concern

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Question 29

jamb 2014

One of the the differences between bookkeeping and accounting is that the former

Arecords data while the latter interprets

Bis regarded as the language of the business while the latter ascertains its strenght

Cinterprets data while the latter records it

Dsummarises information while the latter communicates it

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