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.
Which of the following is correct about cost of goods sold?
Aopening stock + purchases - closing stock
Bopening stock + sales + closing stock
Copenig stock - purchases - closing stock
Dopening stock + sales + closing stock
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Question 22
waec2004
The amount set aside out of profit for a specific purpose is
Aprovision
Breserve
Cdepreciation
Ddepletion
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Question 23
waec2004
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
Acapitalization
Bdepreciation
Cdepletion
Damortization
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Question 24
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to
AN229,800
BN121,560
CN85,305
DN22,935
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Question 25
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to
AN4,000
BN3,200
CN3,000
DN2,800
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Question 26
waec2004
The total of the purchases day book is posted to the purchases account in the
Ageneral ledger
Bpurchases journal
Cprivate ledger
Dpurchases ledger
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Question 27
waec2004
Which of the following items is not shown in the Trial Balance
Aclosng stock value
Bopening stock balance
Copening dentors balance
Dclosing asset value
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Question 28
waec2004
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
Asuspense Account
Btrading account
Ccontrol account
Dprofit and loss account
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Question 29
waec2004
Which of the following is not a source document?
Acredit note
Binvoice
Cdebit note
Dbank note
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Question 30
waec2004
Rent receivable account is an example of
Annorminal account
Breal account
Cpersonal account
Dprivate account
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Question 31
waec2004
Which of the following is both a subsidiary book and a ledger?
Asales journal
Bpurchases journal
Creturns inward book
Dcash book
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Question 32
waec2004
Which of the following is used to record the purchase of fixed asset on credit?
Asales journal
Bjournal proper
Cpurchases journal
Dcash book
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Question 33
waec2004
The principle entry book-keeping states that every
Aevery debit entry must have a corresponding credit entry
Bdebtor must have a creditor
Cdouble debit must must have a double credit entry
Daccount debited should also be credited
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Question 34
waec2004
The sales day Book is used to record
Acash and credit sales
Bcredit sales
Ccash sales
Dsales to middleman
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Question 35
jamb2004
Based on the FIFO method of valuation the total cost of the raw materials issued is
AN150
BN160
CN240
DN250
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Question 36
jamb2004
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
AN60
BN61
CN62
DN64
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Question 37
jamb2004
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The cash book closing balance will be
AN900
BN2,400
CN4,200
DN4,600
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Question 38
jamb2004
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The amount withdrawn is
AN2,100
BN2,200
CN4,400
DN6,400
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Question 39
jamb2004
The depreciation to be charged to department T is ?
