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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.

81 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

81 questions

Question 1 of 20 81 total questions

Question 21

jamb 2023

Given:

I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets

Which of these constitutes dissolution of partnership?

AI,II and III only

BI,II and IV only

CII and IV only

DII and III and IV only

View Explanation & Discuss

Question 22

jamb 2023

Which fund is used to meet unforeseen or urgent expenditure

Aspecial fund

Bcontigencies fund

Cgeneral reserve fund

Dconsolidated reserve fund

View Explanation & Discuss

Question 23

jamb 2023

Goodwill can be introduced when

Athe business suffers high loss

Bthe business is being expanded

Cthe partnership experience super profit

Da new member is admitted

View Explanation & Discuss

Question 24

jamb 2023

The discount column on the left-hand side of cash book represents a discount

Areceived from a debtor

Ballowed to a creditor

Callowed to a debtor

Dreceived from a creditor

View Explanation & Discuss

Question 25

jamb 2023

When expenses are paid on behalf of the venture, the accounting entries is to debit

Aexpenses account and credit bank account

Bbank account and credit joint venture account

Cjoint venture account and credit bank account

Djoint venture account and credit expenses account

View Explanation & Discuss

Question 26

jamb 2023

An advantage of FIFO method of stock valuation is that

Ait is calculated at the end of the year

Bits flow of cost is in sequence with the flow of stock

Cit is progressive in nature

Dit serves as a control during inflation

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Question 27

jamb 2023

Dr. Sales Ledger Control Account . Cr

	₦		₦
Bal b/f	3,250	Bal b/f	125
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23430		23430
Bal b/d	4740	Bal b/d	230

The amount ₦19,075 represents

Athe double entry for the total sales account

Btotal sales for the month

Ccredit sales

Dcash sales for the month

View Explanation & Discuss

Question 28

jamb 2023

	₦		₦
Bal. b/f	3,250	Bal. b/f.	215
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23,430		23430
Bal b/d	4740	Bal b/d	230

Dr. Sales Ledger Control Account . Cr

The amount ₦16,378.50 described as "Bank" represents

Areceipts from trade debtors only

Bcash sales for the month including discount

Creceipts from all debtors of the business

Dcash sales for the month excluding discount

View Explanation & Discuss

Question 29

jamb 2023

In manufacturing, depreciation of office machine is charged to

Atrading account

Bbalance sheet

Cappropriation account

Dprofit and loss account

View Explanation & Discuss

Question 30

jamb 2023

Discount allowed is enjoyed by

Amanagers

Bcustomers

Cstaff of the company

Dsuppliers

View Explanation & Discuss

Question 31

jamb 2023

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except

Auncredited cheque

Bcredit transfer

Cdividend

Dunpresented cheque

View Explanation & Discuss

Question 32

jamb 2023

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

Aoriginal entry

Bcontract entry

Cprime entry

Dcontra entry

View Explanation & Discuss

Question 33

jamb 2023

The main purpose of transaction file is?

Ato record assets and liabilities

Bto update income and expenses

Cto make organization decision

Dto update master files

View Explanation & Discuss

Question 34

jamb 2023

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

Aappropriation account

Bprofit and loss account

Cbalance sheet

Dtrading account

View Explanation & Discuss

Question 35

jamb 2023

An evidence of payment issued to a government ministry by a revenue collector is

Atreasury card

Bpayment voucher

Ctreasury receipt

Dreceipt voucher

View Explanation & Discuss

Question 36

jamb 2023

Which of these is not method of stock valuation?

AFIFO method

BBase method

CStandard method

DLIFO method

View Explanation & Discuss

Question 37

jamb 2023

	₦
Plant and Machinery	190000
Motor Vehicle	170000
Stock	60000
Current Liabilities	50000
Purchase consideration	40000

The goodwill is?

A₦110,000

B₦30,000

C₦90,000

D₦80,000

View Explanation & Discuss

Question 38

jamb 2023

One of the options below have the same features as the profit and loss account in non-profit organization

Anon profit account

Bprofit and loss account

Cincome and expenditure account

Dreceipts and payment account

View Explanation & Discuss

Question 39

jamb 2023

Capital for a profit making organization is generated through

Agift

Bdonation

Cshares

Dsubscription

View Explanation & Discuss

Question 40

jamb 2023

Salaries in arrears is treated in the balance sheet as a

Acurrent asset

Bcurrent liability

Clong term liability

Dfixed asset

View Explanation & Discuss

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