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.
Which of the following will not make a trial balance total to agree?
Aincomplete posting in the ledger accounts
Bdouble entry for each transaction
Comission of a trabsaction from the ledger
Dwrong entry of correct amount into different groups of accounts
View Explanation & Discuss
Question 22
waec1999
Profit expressed as a proportion of cost price is
Agross profit
Bmark-up
Cmargin
Dprofit percentage
View Explanation & Discuss
Question 23
waec1999
Which of the following is a contra entry?
Alodgement of cheques into bank account
BLoggement of cash in hand into bank account
Cwithdrawal of cash for private use
Dtreatment of discount receivd in the cash book
View Explanation & Discuss
Question 24
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is
AN6,000
BN3,250
CN2,000
DN1,250
View Explanation & Discuss
Question 25
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?
AN3,375
BN2,625
CN2,000
DN1,875
View Explanation & Discuss
Question 26
waec1999
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?
AN8,500
BN6,625
CN6,500
DN6,000
View Explanation & Discuss
Question 27
waec1999
Carriage outwards is charged to
Atrading account
Bappropriation account
Cpurchases account
Dprofit and loss account
View Explanation & Discuss
Question 28
waec1999
Carriage outwards is charged to
Acredited to the trading account
Bdebited to the profit and loss account
Ccredited to the profit and loss account
Dcredited to the appropriation account
View Explanation & Discuss
Question 29
waec1999
Discount received is
Acredited to the trading account
Bdebited to the Profit and Loss Account
Ccredited to the Profit and Loss Account
Dcredited to the Appropriation Account
View Explanation & Discuss
Question 30
waec1999
Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include
