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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

Question 1 of 9 49 total questions

Question 21

waec 1994

Which of he following is a current asset item?

Agoodwill

Boverdraft

Cpreliminary expenses

Dprepayments

Eoutstanding expense

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Question 22

waec 1994

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

Ano interest at all

Binterest at the rate of 2\(\frac{1}{2}\)% per annum

Cinterest at the rate 5% per anuum

Dinterest at all

Einterest at the per annum

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Question 23

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a cash reqular customer

Dintroducing other customers

Esales returns

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Question 24

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a regular customer

Dintroducing other customers

Esales returns

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Question 25

waec 1994

When a buyer is undercharged, the seller forwards

Aundercast note

Bconsignment invoice

Cpurchases in voice

Ddebit note

Ecredit note

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Question 26

waec 1994

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

Adebit cash account N5,200, credit suspense account N5,200

Bcredit cash account N5,200, debit suspense account N5,200

Cdebit cash account N2,600, credit suspense account N2,600

Dcredit cash account N2,600, debit suspense account N2,600

Ecredit cash account N2,600, debit bank account N2,600

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Question 27

waec 1994

Where a proprietor withdraws cash from bank for office use, the entries would be

Acredit cash account, debit bank account

Bdebit cash account, credit bank account

Cdebit officer account, credit bank account

Ddebit drawings account, credit bank account

Edebit bank account, credit drawings account

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Question 28

waec 1994

Carriage outwards is charged to the

Adebit side of profit and loss account

Bcredit side of profit and loss account

Ccredit side of trading account

Ddebit side of profit and loss Appropritation account

Edebit side of Balance under current liabilities

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Question 29

waec 1994

Which of the following statements is not valid?

Aprovision for bad debts is deducted from debtors total in the Balance sheet

BAn increase in provision for bad debts appears on the debi side of the profit and loss account

Ca decrease in the provison for bad debts appears on the credit side of profit and loss accoun

Dthe bas debt account is closed to the debit side of the profit and loss account

Ebad debt is a deduction from debtors total afte making provision for bad and boughtful debts

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