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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.

69 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

69 questions

Question 1 of 20 69 total questions

Question 21

jamb 2015

Use the information below to answer this question

SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Determine the closing capital 31/12/2014

A17,500

B38,200

C20,700

D27,200

View Explanation & Discuss

Question 22

jamb 2015

The basis of accounting for public sector is

Aaccrual basis

Bcost basis

Crevenue basis

Dcash basis

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Question 23

jamb 2015

The following account are prepared when goods are sent to branch except

ABranch stock

BGoods set to branch account

CBranch adjustment account

DBranch debtors account

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Question 24

jamb 2015

Sales ledger control account contains the total amount in respect of

Acreditors

Bdebtors

Cinvestors

Dshareholders

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Question 25

jamb 2015

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

Aconversion

Bcontrol

Callocation

Danalysis

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Question 26

jamb 2015

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?

Aobjects and their alteration

Blocation of business

Cbank signatories

Dpowers of directors

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Question 27

jamb 2015

The following accounting entries are made when bad debt is recovered

Adebit bad debts accounts and credit bad debt recovered account

Bdebit debtors accounts and recovered account

Cdebit bad debts recovered account and credit bad debts account

Ddebit bad debts account and credit profit and loss account

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Question 28

jamb 2015

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

A28 days

B42 days

C27 days

D23 days

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Question 29

jamb 2015

What does liquidity ratio measure?

Ameasures operating efficiency of a company

Bmeasures the ability of a company to meet its current obligations.

Cmeasures the value of investments of a company

Dmeasures the financial leverage of a company

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Question 30

jamb 2015

The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention

Amarching

Bconsistency

Crealization

Dprudency

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Question 31

jamb 2015

Which of the following is not a proper form of the accounting equation

Afixed assets + current assets - liabilities = capital

Bfixed assests + current assests + liabilities = capital

Cfixed assets – liabilities + current assets = capital

Dfixed asset + current asset – capital = liabilities

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Question 32

jamb 2015

Which of the following is a debit entry in debtors control account?

Adiscount allowed

Breturn inwards

Ccredit sales

Dcash from debtors

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Question 33

jamb 2015

In a bank reconciliation statement, Dishonoured cheques is added to

Aunpresented cheques

Buncredited cheques

Cstatement of account

Daggregate balanace as per cash book

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Question 34

jamb 2015

The ledger entries to be made if cash sales is banked is debit

Acash, credit sales

Bsales, credit cash

Cbank, credit cash

Dbank, credit sales

View Explanation & Discuss

Question 35

jamb 2015

CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120

The amount brought down in the sales ledger control account would be

AN9, N1740; N120

BN90, N990

CN90, N870; N120

DN80, N750

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Question 36

jamb 2015

Using LIFO method of stock valuation, analyze the issue quantities and their prices

A260 units at N1.50

B700 units at N1.50

C200 units at N1.50 and 500 units at N1.00

D350 units at N1.50 and 350 units at N1.00

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Question 37

jamb 2015

When the invoice of a customer is overcast, the supplier will send to him a

Adebit note

Bcheque

Ccredit note

Dpayment voucher

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Question 38

jamb 2015

Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

A2 : 3

B3 : 2

C6 : 5

D5 : 6

View Explanation & Discuss

Question 39

jamb 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

AMateriality

BAccrual

CGoing concern

DBusiness entity

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Question 40

jamb 2015

Prime cost is one of the following

Aexpenses which can be identified with an allocated to cost centers

Baggregate direct material cost, direct labour cost and variable direct expenses

Cthe cost taken into account in the production process whether direct or indirect

Dthe cost of commodities supply to an undertaking

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