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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.

50 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

50 questions

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Question 21

waec 1997

Use the following information to answer this question

An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.

The net book value at the time of sale was

AN16,000

BN14,000

CN12,000

DN8,000

EN6,000

View Explanation & Discuss

Question 22

waec 1997

Which of the following is a normal account?

AMachinery

BDebtors

CCreditors

DSalaries

EGoodwill

View Explanation & Discuss

Question 23

waec 1997

In a partnership goodwill is recognized when

Aa new partner is admitted

Ba partner is dormant

Cthe business is making huge profit

Dthe business has good customer relations

Eit is a limited partnership

View Explanation & Discuss

Question 24

waec 1997

An example of appropriation of profit in a company is

Asalaries

Brent income

Cdebenture interest

Ddirector's remuneration

Edividend

View Explanation & Discuss

Question 25

waec 1997

A Receipt and Payments Account reveals

Anet profit

Bsurplus

Ccash in hand

Dgross profit

Enet loss

View Explanation & Discuss

Question 26

waec 1997

Which of the following is not a capital expenditure to a local government?

Abeds

Btheatre equipment

Cincubators

Dx-ray machine

Edrugs

View Explanation & Discuss

Question 27

waec 1997

A sales day book is used to record

Acash sales of stock

Bcredit sales of stock

Ccash and credit sales of stock

Dcash sales of fixed assets

Ecredit sales of fixed assets

View Explanation & Discuss

Question 28

waec 1997

Subscription in advance is treated in the Balance sheet of non-profit making organizations as

Acurrent asset

Bfixed asset

Ccurrent liability

Daccumulated fund

Egoodwill

View Explanation & Discuss

Question 29

waec 1997

To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?

Aundercasting of purchase

Bovercasting of purchases

Coriginal entry

Dtransportation of returns outwards

Eomission of creditor's balance

View Explanation & Discuss

Question 30

waec 1997

A suspense account is used to

Aagree the trial balance

Brecoord sales

Crecord purchases

Dcorrect errors

Eprepare the balance sheet

View Explanation & Discuss

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