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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 1 of 9 49 total questions
Question 21
jamb 2017
In the period of rising prices, which method of stock valuation is most appropriate?
ALast in First Out
Bweighted average
CFirst in First Out
DSimple average
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Question 22
jamb 2017

Which fund is used to meet unforeseen or urgent expenditure

AGeneral reserve fund
BConsolidated Reserve Fund
Ccontingencies fund
Dspecial fund
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Question 23
jamb 2017
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)

If the gross profit is N5 000, what is the net profit?
A₦4,350
B₦6,000
C₦5,150
D₦4,000
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Question 24
jamb 2017
You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except
AUnpresented
BDividend
CUncredited cheque
Dcredit transfer
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Question 25
jamb 2017
Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes
AI,II and III only
BI and II only
CIII and IV only
DI, III and IV only
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Question 26
jamb 2017
In manufacturing account, depreciation of office machine is charged to
Atrading account
Bappropriation account
Cbalance street
Dprofit and loss account
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Question 27
jamb 2017
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
Atrading account
Bappropriation account
Cbalance sheet
Dprofit and loss account
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Question 28
jamb 2017
Capital for a profit making organization is generated through
ASubscription
Bshares
Cdonation
Dgift
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Question 29
jamb 2017
Which of these accounts is dissolution expenses credited?
Apartners capital account
Brevaluation account
Cpartners current account
DRealization account
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