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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.

84 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

84 questions

Question 1 of 20 84 total questions

Question 21

waec 1994

Which of he following is a current asset item?

Agoodwill

Boverdraft

Cpreliminary expenses

Dprepayments

Eoutstanding expense

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Question 22

waec 1994

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

Ano interest at all

Binterest at the rate of 2\(\frac{1}{2}\)% per annum

Cinterest at the rate 5% per anuum

Dinterest at all

Einterest at the per annum

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Question 23

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a cash reqular customer

Dintroducing other customers

Esales returns

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Question 24

waec 1994

Cash discount is given for

Abuying in large quantity

Bprompt settlement of account

Cbeing a regular customer

Dintroducing other customers

Esales returns

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Question 25

waec 1994

When a buyer is undercharged, the seller forwards

Aundercast note

Bconsignment invoice

Cpurchases in voice

Ddebit note

Ecredit note

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Question 26

waec 1994

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

Adebit cash account N5,200, credit suspense account N5,200

Bcredit cash account N5,200, debit suspense account N5,200

Cdebit cash account N2,600, credit suspense account N2,600

Dcredit cash account N2,600, debit suspense account N2,600

Ecredit cash account N2,600, debit bank account N2,600

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Question 27

waec 1994

Where a proprietor withdraws cash from bank for office use, the entries would be

Acredit cash account, debit bank account

Bdebit cash account, credit bank account

Cdebit officer account, credit bank account

Ddebit drawings account, credit bank account

Edebit bank account, credit drawings account

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Question 28

waec 1994

Carriage outwards is charged to the

Adebit side of profit and loss account

Bcredit side of profit and loss account

Ccredit side of trading account

Ddebit side of profit and loss Appropritation account

Edebit side of Balance under current liabilities

View Explanation & Discuss

Question 29

waec 1994

Which of the following statements is not valid?

Aprovision for bad debts is deducted from debtors total in the Balance sheet

BAn increase in provision for bad debts appears on the debi side of the profit and loss account

Ca decrease in the provison for bad debts appears on the credit side of profit and loss accoun

Dthe bas debt account is closed to the debit side of the profit and loss account

Ebad debt is a deduction from debtors total afte making provision for bad and boughtful debts

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Question 30

jamb 1994

The amount of individual items on a government budget is called

Avote

Bdeposit

Cloan

Dgrant

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Question 31

jamb 1994

The cash bass of accounting requires the recognition of revenue only when they are

Adue

Bearned

Cpaid

Dreceived

View Explanation & Discuss

Question 32

jamb 1994

The receipt from a special tax levy to pay maturing interest obligation are recorded in

Acapital fund project

BDebt Service Fund

CTax Assessment Fund

DSpecial Revenue Fund

View Explanation & Discuss

Question 33

jamb 1994

The expenditure on a good or services which is consumed either immediately or within a current accounting period is called

Afixed expenditure

Bcapital expenditure

Cannual expenditure

Drecurrent expenditure

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Question 34

jamb 1994

An advantage of using accounting ratios is that they

Acan be easily calculated

Bfacilitate decision making

Care stipulated by law

Dshows error and fraud

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Question 35

jamb 1994

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

Amemorandum of association

Barticle of association

Cprospectus

Dcompany law

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Question 36

jamb 1994

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the issued capital

AN40

BN48

CN50

DN80

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Question 37

jamb 1994

AN2

BN0.80

CN0.60

DN0.50

View Explanation & Discuss

Question 38

jamb 1994

when shares issued are paid for, accounting entry required is

Adebit bank or cash account and credit share capital and/or premium account

Bcredit bank or cash account and debit share capital and/or premium account

Cdebit shares account and credit capital account

Dcredit shares account and debit capital account

View Explanation & Discuss

Question 39

jamb 1994

Under which of the following conditions is a partnership dissolved?

AChange of partnership's head office

Badmission of a new partner

CPurchase of a large quantity of fixed asset

DRetirement of a manager who is not a partner

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Question 40

jamb 1994

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000.
The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

AN32,000

BN40,000

CN42,000

DN50,000

View Explanation & Discuss

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