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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.

49 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

49 questions
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Question 1 of 9 49 total questions
Question 21
waec 2024

A sole trader received the sum of # 4,860 cash from a debtor. The effect of this transaction in the balance sheet is 

Adecrease in stock and increase in debtor.
Bdecrease in asse and increase in liability.
Cincrease in cash and decrease in debtor.
Dincrease in cash and decrease in capital. 
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Question 22
waec 2024

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

The gross profit is 

ALe 60,000.
BLe 45,000.
CLe 44,400  
DLe 33,750.  
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Question 23
waec 2024

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

The cost of goods sold is 
 

ALe 139,200.
BLe 135,000.
CLe 133,200.
DLe 127,200.  
View Explanation & Discuss
Question 24
waec 2024

Use the following information to answer this question

                                          Le

Opening stock                 6,000  
Sales                               180,000  
Closing stock                   4,200  

Mark-up is 33\(\frac{1}{3}\)%

 

The value of purchases is

ALe 139,200.  
BLe 135,000.
CLe 133,200.
DLe 127,200.
View Explanation & Discuss
Question 25
waec 2024

In manufacturing account, wages of machine operators are classified as 

Aprime cost.
Bfactory overheads.
Cwork-in- progress.
Dadministrative overheads.
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Question 26
waec 2024

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is  
\(\frac{X-Y}{Z}\)  

The letter Z in the formula represents 

Acost of the asset.
Baccumulated depreciation.
Cestimated useful life of the asset.
Drate of depreciation.
View Explanation & Discuss
Question 27
waec 2024

The concept which assumes that transactions should be expressed using a common denominator is 

Ahistorical cost concept.
Bmoney measurement concept.
Cmateriality concept.
Dconsistency concept. 
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Question 28
waec 2024

An item recorded in the profit and loss account is 

Acreditors.
Bcash-in-hand.
Cdebtors.
Dgeneral expenses.  
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Question 29
waec 2024

A bank is interested in accounting information of a client for the purpose of  

Aevaluating the entity's share of the market. 
Bascertaining the tax payable by the entity.
Cassessing the credit worthiness of the customer.
Ddetermining the dividend payable to shareholders. 
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