Accounting Past Questions

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98 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

98 questions
Question 1 of 20 98 total questions
Question 21
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Uncredited cheques totalled
AN3,500
BN2,540
CN1,060
DN630
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Question 22
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
AN9,120
BN7,090
CN1,400
DN630
View Explanation & Discuss
Question 23
waec 2005
Which of the following is an example of direct expense?
ARoyalties
Bcarriage inwards
Ccarriage outwards
Dmanufacturing wages
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Question 24
waec 2005
Which of the following is not one of the uses of a journal proper? To record
Asmall and repetive cash disbursements
Bpurchases day book
Cwriting off bad debts
Ddebtors and creditors
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Question 25
waec 2005
Which of the following is found in the private ledger?
Arent account
Bsales account
Cdrawings account
Dbank account
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Question 26
waec 2005
A trial balance is a list of
Acurrent assets
Bcurrent liabilities
Cdebit and credit balances
Ddebtors and creditors
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Question 27
waec 2005
Which of the following is not contained in a journal? To record
Asmall and repetive cash disbursemens
Bpurchase and sale of fixed assets on credit
Cwriting off bad debts
Ddebtors and creditors
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Question 28
waec 2005
An allowance given to a customer by a supplier for prompt payment is
Atrade discount
Bdiscount received
Ccash discount
Dcash rebate
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Question 29
waec 2005
The systematic recording of business transactions is
Aauditing
Bbook-keeping
Cdebiting
Dcrediting
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Question 30
jamb 2005
The quick ratio is
A1:2
B1:3:1
C1.7:1
D3:1
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Question 31
jamb 2005
The current ratio is
A1:1
B2:1
C2.8:1
D3.5:1
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Question 32
jamb 2005
Calculate the closing stock under FIFO method
AN875
BN675
CN600
DN300
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Question 33
jamb 2005
Determine the closing stock under LOFO method
AN575
BN500
CN375
DN275
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Question 34
jamb 2005
The capital employed is
AN13 000
BN9 900
CN8 400
DN9 000
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Question 35
jamb 2005
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock
AN20 000
BN30, 000
CN40 000
DN50,000
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Question 36
jamb 2005
The tier of government that uses financial memorandum is the?
Afederal government
Bstate government
Clocal government
Dmunicipal government
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Question 37
jamb 2005
The accounting method that reports incomes when earned and expenses when incurred is called?
Acash accounting
Bcommitment accounting
Cfund accounting
Daccrual accounting
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Question 38
jamb 2005
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
Acash and credit debenture
Bdebenture and credit cash
Ccash and credit capital
Dcapital and debit cash
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Question 39
jamb 2005
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
Acash account and credit realization account
Brassets account and credit realization account
Crealization account and credit realization account
Dassets account and credit cash account
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Question 40
jamb 2005
Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

The balances of current accounts of Jide and Haruna are respectively?
AN6000 and N5000
BN3000 and N3400
CN4000 and N4000
DN3000 and N600
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