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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.

47 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

47 questions

Question 1 of 7 47 total questions

Question 21

waec 2012

A balance sheet shows only

Afixed assets and current assets

Bassets and long term liabilities

Cassets and liabilities

Dassets and capital

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Question 22

waec 2012

Which of the following is a book of ordinary entry?

Aledger

Bbalance sheet

Cbank statement

Dsales journal

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Question 23

waec 2012

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

Aasset account credit purchase account

Basset account credit capital account

Ccapital account credit asset account

Dcapital account credit profit and loss account

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Question 24

waec 2012

Which of the following is not a source document?

Ajournal paper

Bsales invoice

Cdebit note

Dcredit note

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Question 25

waec 2012

When closing stock is overstated, it would reduce,

Acost of sales and increase gross profit

Bgross profit and increase cost of sales

Cpurchases and increases sales

Dsales and increase purchases

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Question 26

waec 2012

Trade discounts are given for

Abulk purchases

Bprompt payment

Cquick delivery

Dcash payment

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Question 27

waec 2012

The objectively of accounting information is enable users to

Aprepre the financial statements

Bvalue stock

Cmake decisions

Dprepare budgets

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