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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.

96 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

96 questions

Question 1 of 20 96 total questions

Question 21

waec 2013

A petty cashier received a float of GHC 84. The imprest is

AGHC 204

BGHC 120

CGHC 84

DGHC 36

View Explanation & Discuss

Question 22

waec 2013

A dishonored cheque is

Adebited in cash book

Bcredited in the cash book

Cdouble entry in the cash book

Dcredited in the bank book

View Explanation & Discuss

Question 23

waec 2013

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

AI, ii, iii and iv

Bii, iii, i and iv

Ciii, i, ii and iv

Div, iii, ii and iv

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Question 24

waec 2013

A credit balance is

Aa liability or an expense

Ban expenditure or an income

Can asset or an expense

Dan income

View Explanation & Discuss

Question 25

waec 2013

The capital of a sole trader changes as a result of

Apaying wages by cash

Bequipment purchased by cheque

Cdrawing by cheque

Dpurchase on credit

View Explanation & Discuss

Question 26

waec 2013

Which of the following is not a characteristic of trial balance?

Ait has columns for debit and credit balances

Btotal of debit balance equals total of credit balance

Cit is a statement

Dit is an account

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Question 27

waec 2013

The lodgement of business cash into the business bank account is an example of

Acontra entry

Bbank reconciliation

Cself-balancing ledger

Dreversal entry

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Question 28

waec 2013

The distinguishing feature between a two-column cash book is

Adiscount column

Bcash column

Cbank column

Dledger folio

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Question 29

jamb 2013

An instrument which allows public officers to increase expenditure within a year is

Astatutory allocation

Bsupplementary budget

Cvirement

Dwarrant

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Question 30

jamb 2013

Given:

Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000

Calculate the liabilities of the local government

A#10,994,500

B#17,394,500

C#18,774,500

D#18,874,500

View Explanation & Discuss

Question 31

jamb 2013

Accountant-general of the federation is responsible for

Athe general supervision of all auditing personnel in all the ministeries

Bthe compilation of annual financial statement

Cthe interpretation of rules and regulations affecting the private sectors

Densuring the efficient operation of the ministries

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Question 32

jamb 2013

The debenture issued at par above the nominal value is said to be issued at a

Acost price

Bmark-up

Cpremium

Dmargin

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Question 33

jamb 2013

The distributable profit available to shareholders at the end of each year is the

Atotal profit and debtors balance

Bgeneral reserve and retained profit

Cretained profit and fictitious assets

Dtotal profit less creditors balance

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Question 34

jamb 2013

The issued share capital is the number of shares that are

Aauthorized by share holders

Bshared among the directors

Cfully subscribed

Din the share certificate

View Explanation & Discuss

Question 35

jamb 2013

Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k

How much is to be paid for application?

A#230,000

B#280,000

C#500,000

D#550,000

View Explanation & Discuss

Question 36

jamb 2013

Which of the following is the capital reserve of a company

AShare premium

BRetained profit

CAccumulated depreciation

DLoss on forfeited shares

View Explanation & Discuss

Question 37

jamb 2013

The objective of departmental account is to

Aascertain the cost of running the organization

Bascertain the amount of profit or loss for each department

Cascertain the amount of profits for losses for the enterprises

Doffset the loss of each treatment

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Question 38

jamb 2013

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.

What is the net profit of Y?

A#52,000

B#68,300

C#68,800

D#69,300

View Explanation & Discuss

Question 39

jamb 2013

A#23,500

B#60,500

C#60,700

D#82,500

View Explanation & Discuss

Question 40

jamb 2013

When there is no basis of apportionment in an organization, the expenses should be apportioned based on

Asales

Bpurchases

Cequality

Dfloor space

View Explanation & Discuss

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