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
Question 1 of 10 50 total questions
Question 21
waec 2015

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

ACredit sales account and debit cash account
BCredit plant and machinery account and debit Wilson's account
CCredit sales account and debit Wilson's Account
DCredit plant and machinery account and debit cash account
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Question 22
waec 2015

Which of the following is not a book of original entry?

ASales journal
BPurchases account
CCash account
DReturn inwards journal
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Question 23
waec 2015

The accounting ledger for goods sold on credit are debit

Adebtors account, credit sales account
Bcreditors account, credit sales account
Csales account, credit debtors account
Dsales account, credit creditors account
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Question 24
waec 2015

Which of the following is not a real account?

APlant account
BSalaries account
CCreditors account
DTrading account
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Question 25
waec 2015

Goods returned to a supplier is

ADebited to returns outward account
BCredited to returns outwards account
CDebited to returns inwards account
DCredited to returns inwards account
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Question 26
waec 2015

Assets acquired is recorded by debiting _______?

AAsset Account, Crediting Cash Account
BCash Account, Crediting Asset Account
CPurchase of Business Account, Crediting Sale of Business Account
DAsset Account, Crediting Purchase of Business Account
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Question 27
waec 2015

Purchase invoice is first entered in the

APurchases Account
BCash Book
CSales Journal
DPurchases Journal
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Question 28
waec 2015

Which of the following is the equation for determining net profit or loss from the records of a firm?

AClosing Capital - Drawings - Capital Introduced
BOpening Capital + Drawings - Closing Capital
CClosing Capital + Opening Capital - Drawings
DClosing Capital + Drawings - Opening Capital
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Question 29
waec 2015

Which of the following is not a feature of accounting information?

AAffordability
BTimeliness
CAccuracy
DCompleteness
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Question 30
waec 2015

Which of the following describes a trial balance?

AIt is a special account
BIt is a list of balances in the books
CIt reveals the financial position of a business
DIt shows all the entries in the books of a business
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