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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 21

waec 1991

N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are

Adebit Latifat's account, credit cash book with N100

Bcredit Latifat's account, debit cash book with N100

Ccredit Latifa's account, debit cash book with N200

Ddebit Latifat's account, credit cash book with N200

Ecredit Latifat's account, debit Suspense account with N200

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Question 22

waec 1991

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date

Bii

Ciii

Di and ii

Ei and iii

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Question 23

waec 1991

Depreciation is

Aa charge for the wear and tear of a fixed asset

Bthe cost of replacing a fixed asset

Cthe loss incurred on the sale of a fixed asset

Dthe cost of repairs incurred on a fixed asset

Ethe increase in value of a fixed asset

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Question 24

waec 1991

The price paid for the purchase of for the purchase of a business is

Adebited to the cash account and credited to the vendor's account

Bcredited to the cash account and debited to the vendor's account

Ccredited to the business purchases account and debited to the assets account

Ddebited to the business purchase account and credited to the assets account

Ecredited to the cash account and debited to the assets account

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Question 25

waec 1991

Which of the following is related to debtors account?

Apurchases ledger

Bgeneral ledger

Cnorminal lesger

Dsales ledger

Eprivate ledger

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Question 26

waec 1991

Reccurrent expenditure of government is paid from

Areserved fund

Bconsolidated revenue fund

Cdevelopment fund

Dcontigencies fund

Epersonal fund

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Question 27

waec 1991

In government imprest system the amount reimbursed is the

Aactual amount spent

Bamount of the float

Camount spent above the float

Dbalance of the float

Esum of unreceipted vouchers

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Question 28

waec 1991

Preliminary expenses of a limited liability company are

Afixed assets

Bcurrent assests

Cfictitious assets

Dfictitious liability

Ecurrent liability

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Question 29

waec 1991

When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being

Aforfrited

Bissued at a discount

Cissued on prorata

Dissued at par

Eissued at a premium

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