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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.

100 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

100 questions

Question 1 of 20 100 total questions

Question 21

waec 1995

The undistributed profits of a limited liability company is

Agoodwill

Bworking capital

Cnet profit

Drtained earings

Enet loss

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Question 22

waec 1995

Working capital is measured by the excess of

Acurrent liabilities over current assets

Bfixed assets over current assets

Ccurrents assets over current liabilities

Dcurrent assets over fixed assets

Elong term liabilities fixed assets

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Question 23

waec 1995

Which of the following is an example of Personal Accounts?

Astock

Bfixture

Cequiptment

Drent

Edebtors

View Explanation & Discuss

Question 24

waec 1995

Subscription in advance is an example of

Apayment

Baccual

Cdebtors

Dprovision

Ereserves

View Explanation & Discuss

Question 25

waec 1995

The accounting entries required for increase in provision for doubtful debts are

Adebit profit and loss account, credit provision for doubtful debts account

Bcredit provision for doubtful debts account; debit profit and loss account

Ccredit trading account; credit provision and doubtful debts account

Dcredit trading trading account; debit provision for doubtful debts account

Ecredit debtor's account; debit provision for doubtful debts account

View Explanation & Discuss

Question 26

waec 1995

If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of

Aordinary entry

Bomission

Ccommission

Dcompensation

Eprinciple

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Question 27

waec 1995

Which of the following is not a debit entry on a sales ledger control account?

Agoods sold

Bcash received

Cdishonoured cash

Dpayment to debtors for claim

Einterest charges

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Question 28

waec 1995

The reward given to a debenture holder is called

Aprofit

Breserve

Cpremium

Ddividend

Einterest

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Question 29

waec 1995

Which of the following is the basis of accounting in the Civil Service?

Aaccrual

Bcash

Cincome

Dexpenditure

Eprofit

View Explanation & Discuss

Question 30

waec 1995

Which of the following is the effect of a reduction in the provision for doubtful debts?

Areduction in net profit

Breduction in cash balance

Creduction in gloss profit

Dincrease in gross profit

Eincrease in net profit

View Explanation & Discuss

Question 31

jamb 1995

The trial balance showed wages, N2 500 and a note stated that N500 wages, were due but unpaid when preparing final accounts and loss account with

AN 3000 and show wages accrued N 500 in the balance sheet in the balance sheet

BN 2 000 and show wages accured N500 in the balance sheet

CN 3000 and show wages prepaid N 500 in the balance sheet

DN 2000 and show wages paid in advance N 500 in the balance sheet

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Question 32

jamb 1995

What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with

AN 3 000 and show wages accrued N 500 in the balance sheet

BN2 000 and show wages accrued N500 in the balance sheet

CN 3 000 and show wages perpaid N 500 in the balance sheet

DN 2000 and show wages paid in advance N500 in the balace sheet

View Explanation & Discuss

Question 33

jamb 1995

Trade creditors account was maintained at 25% of the capital.

What was the balance in the trade creditors account as at 31/12/92?

AN 29 800

BN 29 500

CN29 400

DN 29 000

View Explanation & Discuss

Question 34

jamb 1995

THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS

AN 3 731 250.00

BN 2 487 500.00

CN 1 268 750.00

DN1 020 000. 00

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Question 35

jamb 1995

Accumulated depreciation on the asset as at 31/12/81 was

AN 2 487 500 .00

BN 2 736 250 . 00

CN 4 511 192.00

DN 4 975 000 .00

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Question 36

jamb 1995

A charitable club has the following figures:

N
Subscriptions received in 1991 2 800
Subscriptions unpaid in 1990 300
Subscriptions paid for 1992 150
Subscriptions due 1991 180

How much should be charged to the income and expenditure of this club as subscription for 1991?

AN 2 530

BN 2 680

CN 2 830

DN 2 980

View Explanation & Discuss

Question 37

jamb 1995

If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?

AN 13 000

BN 11 300

CN 10 000

DN 8 000

View Explanation & Discuss

Question 38

jamb 1995

Equity shareholders' fund is

AN133 000

BN 120 000

CN113 000

DN 100 000

View Explanation & Discuss

Question 39

jamb 1995

A government accounting systems must make sure that

Arevenue exceeds expenditure

Ball applicable legal provisions are complied with

Ccapital expenditure is equal to revenue

Dcapital project fund is tied to recurrent expenditure

View Explanation & Discuss

Question 40

jamb 1995

Eko Local Government expenditure
Hospital building ---------------------- N200,000
Drugs ---------------------------------- N180,000
Hospital beds and mattresses ------------ N40,000
Doctors' and nurses' salaries ---------- N120,000
Administrative expenses ----------------- N50,000
Recurrent expenditure is

AN390,000

BN360,000

CN350,000

DN170,000

View Explanation & Discuss

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