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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 1 of 10 50 total questions
Question 21
waec 2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
A₦176,000
B₦166,000
C₦160,000
D₦16,000
View Explanation & Discuss
Question 22
waec 2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was
A₦16,000
B₦10,000
C₦5,400
D₦1,400
View Explanation & Discuss
Question 23
waec 2008
Returns inwards is also called
Apurchases returns
Bsales returns
Cgoods on sales or return
Dgoods in transit
View Explanation & Discuss
Question 24
waec 2008
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
Amaterials available
Bproduction
Csales
Dmaterials used
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Question 25
waec 2008
Which of the following is the effect of an increase in the provision for discount allowed?
Aincrease in net profit
Bdecrease in ross profit
Cdecrease in net profit
Dincrease in gross profit
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Question 26
waec 2008
In a partnership business, the net profit serves as opening figure for
Atrading account
Bprofit and loss accoun
Ccurrent account
Dappropriation account
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Question 27
waec 2008
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
Abusiness entity
Brealization
Cgoing concern
Dsual-aspect
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Question 28
waec 2008
An analytical cash book is used to
Aindicate source of cash received
Bcategorise petty cash payment
Cseparate cash and bank balance
Danalyse amounts due from debtors
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Question 29
waec 2008
A sales Day book is used for recording
Acredit sales
Bsales returns
Chire purchase
Dcash sales
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Question 30
waec 2008
Which of the following is the basis accounting equation?
Aassets = capital + liabilities
Bcapital = assets + liabilities
Cliabilities = assets + capital
Dassets = liabilities + equity
View Explanation & Discuss
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