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.

76 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

76 questions
Question 1 of 20 76 total questions
Question 21
jamb 2024

The reward given to debenture holder is

Ainterest
Bdividend
Cprofit
Dpremium
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Question 22
jamb 2024

Which of the following is a subsidiary book as well as a ledger?

Apurchases day book
Breturns outward book
Cgeneral journal
Dcash book
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Question 23
jamb 2024

A method that is beneficial for tax purposes in inflationary times is? 

ALIFO
BSAP
CFIFO
DWAP
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Question 24
jamb 2024

Which of the following is a written acknowledgement of a loan to a company?

Adebt
Bretained profit
Creserve
Ddebenture
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Question 25
jamb 2024

Which of the following bodies regulates accounting practices in Nigeria?

ANIT
BNIB
CEFCC
DANAN
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Question 26
jamb 2024
  #

Stock 1/1/09: Raw materials

20000

Work-in-progress

5000

Stock 31/12/09: Raw materials

500
Work in  progress 4000

Raw materials purchased

18000

Direct labour

7500
Direct expenses 3000
Factory expenses 10000

The value of raw materials consumed is
 

A#18,500
B#19,500
C#26,000
D#37,500
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Question 27
jamb 2024
  #

Stock 1/1/09: Raw materials

2000

Work-in-progress

5000

Stock 31/12/09: Raw materials 

500

Work-in-progress

4000

Raw materials purchased

18000

Direct labour

7500

Direct expenses

3000

Factory expenses

10000

The raw materials available for production is ___

A18,500
B#20,000
C#19,500
D#38,000
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Question 28
jamb 2024

The ledger containing the accounts of debtors and creditors is

Aimpersonal
Bpersonal
Cnominal
Dreal
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Question 29
jamb 2024

The chief accounting officer of the Federation is

AAuditor General
BMinister of Economic Planning
CChief Accountant
DAccountant General
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Question 30
jamb 2024

The basic accounting equation is

AAssets Liabilities = Owner's Equity
BAssets + Expenses = Liabilities + Equity
CAssets + Liabilities = Owner's Equity
DRevenue - Expenses = Profit
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Question 31
jamb 2024

The amount paid by the buyer of a business which is sold as going concern is

Apurchase consideration
Bconversion fees
Cconsolidation fees
Dpremium fees
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Question 32
jamb 2024

Prime cost consist of direct material and ___ cost

Aoverhead
Bdirect
Cindirect
Dfactory
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Question 33
jamb 2024

The net worth of a business is the

Abank loan
Bcapital
Casset
Ddebenture
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Question 34
jamb 2024

A list of all debit and credit balances from the ledger accounts are made in the

Acash book
Btrial balance
Cbalance sheet
Dprofit and loss account
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Question 35
jamb 2024

When shares are over-subscribed, directors may decide to scale down the number of shareholding by alloting shares at ___

Adiscount
Bpar
Cpremium
Dprorata
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Question 36
jamb 2024

Issue of prospectus is an invitation to the Public to

Aregister a company
Bliquidate a company
Credeem all outstanding shares
Dsubscribe for share
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Question 37
jamb 2024

The return on debenture holding is

Ashare bonus
Binterest
Cnet profit
Ddividend
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Question 38
jamb 2024

The document used in making lodgments into a current account is

Apaying in -slip
Bcheque book
Cpass book
Dcredit card
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Question 39
jamb 2024

Shares issued free of charge to existing shareholders based on their previous holdings is __ issue

Aaccrued
Bpremium
Cfloating
Dbonus
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Question 40
jamb 2024

Which of the following is an example of a device that can be used for input, storage, and output in a computer system?

ACentral processing unit (CPU)
BKeyboard
CUSB flash drive
DMonitor
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