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.

93 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

93 questions
Question 1 of 20 93 total questions
Question 21
waec 2010

A ledger is a

Aprincipal book of accounts
Bbook of original entry
Crecord of credit transactions
Dsummary of entries
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Question 22
waec 2010

Which of the following is the reason why a seller allows a customer cash discount?

Aagreement to become a regular customer
Bintroducing a new customer to the seller
Csettlement of account within a stated period
Dplacing a larger order
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Question 23
waec 2010

A trial balance is prepared to

Adetect fraud
Bascertain losses in a trading period
Cdetermine opening capital
Dtest arithmetical accuracy of ledger entries
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Question 24
waec 2010

Which of the following is not an external user of accounting information?

Amanagement
Bcreditors
Cshareholders
Dgovernment
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Question 25
jamb 2010

Calculate the cash balance after the discount

AN2760
BN4 300
CN6 200
DN2.400
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Question 26
jamb 2010

If Fatima was granted a discount of 2% what will be discount allowed?

AN20
BN40
CN60
DN4
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Question 27
jamb 2010

When Your Silence Is Loud..& Your Eyes Speaking Volumes..

Calculate the value of credit sales

AN484 000
BN448000
CN584 000
DN558 000
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Question 28
jamb 2010

Credit sales is given at 160% of cash received.

What is the balance c/d?

debit 64300

 

AN333 000
BN234 000
CN343 000
DN243 000
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Question 29
jamb 2010

How much selling and distribution expenses is apportioned to department M?

AN 800
BN 600
CN400
DN1800
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Question 30
jamb 2010

How much rent is apportioned to department K?

AN1200
BN1800
CN2000
DN750
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Question 31
jamb 2010

As evidence of payments to a government ministry, the revenue collectors will issue?

Atreasury receipt
Breceipts vourcher card
Ctreasury card
Dstores receipts vourcher
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Question 32
jamb 2010

An increase in government expenditure within a year is taken care of by means of?

Afinancial regulations
Bvirement
Cwarrant
Dsupplementary estimate
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Question 33
jamb 2010

An ordinary share of N80 was issued at N96. The share was issued at?

Apremium
Bpar
Cdiscount
Dloss
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Question 34
jamb 2010

The financial plan of the government for a year is contained in the?

Abudget
Bcash analysis book
Cvote book
Dgazette
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Question 35
jamb 2010

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.

Find the amount for sundry debtors after provision?

 

AN760 000
BN744800
CN744 000
DN784 000
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Question 36
jamb 2010
The directors' salaries paid are items of?
Acurrent liabilities
Bprofit and loss account
Ctrading account
Dcurrent account
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Question 37
jamb 2010

Given:

N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000

Find the value of authorized share capital?



 

A13 000 000
B12 000 000
C9 000 000
D15 700 000
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Question 38
jamb 2010

The capital contribution by the partners is treated in the?

Acurrent account
Bcapital account
Ctrading account
Dbalance sheet
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Question 39
jamb 2010

The interest on partners' loans is?

Adebited in current account
Bcredited in profit and loss account
Cdebited in profit and loss account
Dcredited in current account
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Question 40
jamb 2010

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

Amemorandum
Bbye-law
Cdeed
Dfinancial regulation
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