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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.

71 questions JAMB 1611 WAEC 1757 CUSTOM 2

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71 questions

Question 1 of 20 71 total questions

Question 21

jamb 2019

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

Arealisation concept

Bentity concept

Cgoing concern concept

Dmatching concept

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Question 22

jamb 2019

The net profit for departmental A is

A1880

B1600

C880

D425

View Explanation & Discuss

Question 23

jamb 2019

The cost of goods for department B is

A4,120

B3400

C3000

D2800

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Question 24

jamb 2019

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

A20,580

B10,290

C7980

D30,870

View Explanation & Discuss

Question 25

jamb 2019

Goods can be charged to branches using any of these pricing methods except

Acost price

Bcost plus percentage

Cselling price

Dselling plus percentage

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Question 26

jamb 2019

Capital expenditure is

A₦345,000

B₦3,245,000

C₦421,000

D₦4,245,000

View Explanation & Discuss

Question 27

jamb 2019

Recurrent expenditure is

A₦345,000

B₦3,245,000

C₦421,000

D₦4,245,000

View Explanation & Discuss

Question 28

jamb 2019

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

A6000

B1000

C1500

D2500

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Question 29

jamb 2019

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

AEstimate

BDepreciation

CAsset

DUseful Life

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Question 30

jamb 2019

Use the following Information to answer this question.

Stock of finished goods: Jan 1st
Dec 31st
Stock of Raw materials: Jan 1st
Dec 31st
Purchase of Raw Materials
Manufacturing Wages
Depreciation: Factory equipment
Direct expenses
Factory Fuel
Carriage inwards on Raw Materials

₦
50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

A220,480

B213,480

C200,480

D190,000

View Explanation & Discuss

Question 31

jamb 2019

Use the following Information to answer this question.

₦
50,640
71,380
32,160
29,640
145,000
52,000
16,500
12,500
7,000
7,000

Cost of raw materials consumed is

A₦53,000

B₦150,000

C₦152,120

D₦148,120

View Explanation & Discuss

Question 32

jamb 2019

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

AI only

BII and III

CI and III only

DIV only

View Explanation & Discuss

Question 33

jamb 2019

What is the opening cash balance

A₦20,600

B₦8,050

C₦3,650

D₦8,500

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Question 34

jamb 2019

The figure ₦1000 represent what in the balance sheet.

AAssets

BLiability

Ccapital

DSubscription

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Question 35

jamb 2019

Calculate the subscriptions in the Income and expenditure account

A8400

B7400

C6400

D7200

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Question 36

jamb 2019

The rate of interest on capital for Ade is

A250

B200

C300

D400

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Question 37

jamb 2019

Sam's share of profit is

A7000

B4921

C3000

D991.8

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Question 38

jamb 2019

Retained profits is an example of

ARevenue reserve

BCapital reserves

CGeneral reserves

DLoan capital

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Question 39

jamb 2019

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

A₦55,570

B₦36,320

C₦50,000

D₦30,000

View Explanation & Discuss

Question 40

jamb 2019

The Unissued capital of the company is

A₦310,000

B₦200,000

C₦210,000

D₦100,000

View Explanation & Discuss

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