Accounting Past Questions

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99 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

99 questions
Question 1 of 20 99 total questions
Question 21
waec 2017

The effect on profit when the closing stock is understated is 

Aincrease in profit
Bdecrease in profit
Cno change in profit
Dappropriation of profit
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Question 22
waec 2017

The balance sheet equation shows

Acurrent assets minus current liabilities
Bthe difference between fixed assets and current liabilities
Cassets and sources of financing them
Dsources of funding owner's equity
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Question 23
waec 2017

Discount allowed on goods invoiced at N100,000 was calculated at the rate of 20% instead of 10%. The error is corrected by debiting 

Acustomer account with N20,000 crediting discount allowed with N20,000
Bdiscount allowed with N10,000; crediting customer's account with N10,000
Ccustomer's account with N10,000, crediting discount allowed with N10,000
Ddiscount allowed with N20,000, crediting cash with N20,000
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Question 24
waec 2017

A credit purchase of N200 from P. Osae was posted to the account of P. Osei. This is an error of 

Aprinciple
Bcommission
Comission
Doriginal entry
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Question 25
waec 2017

A suspense account is used in the 

Aprevention of errors
Bcorrection of errors
Cdetection of errors
Dcreation of errors
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Question 26
waec 2017

If a petty cashier has a cash float of Le 39,000 and Le 37,500 is spent, he will be reimbursed with 

ALe 40,500
BLe 39,000
CLe 37,500
DLe 1,500
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Question 27
waec 2017

Which of the following items will not be entered in the adjusted cash book? 

ADishonoured cheques
BDirect payments to bank
CUncredited cheques
Dstanding order payments
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Question 28
waec 2017

A document sent by a bank to its current account customers detailing their transactions over a given period is

Abank reconciliation statement
Bbank statement
Ccredit transfer
Dbanker's advice
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Question 29
waec 2017

The claim on the assets of a business by outsiders is  

Acapital
Bliabilities
Creserves
Dprovisions
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Question 30
waec 2017

Customers use the financial position of a company to

Aassess the financial position of the business
Bregulate their activities
Cascertain the taxable profit of the business
Dbe sure of the extent of job security
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Question 31
jamb 2017
When expenses are paid on behalf of the venture, the accounting entries is to debit
Abank account and credit joint venture account
Bexpenses account and credit bank account
Cjoint venture account and credit expenses account
Djoint venture account and credit bank account
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Question 32
jamb 2017
A part of public company's profits belonging to the shareholders is
Apublic issue
Bbonus
Cright issue
Ddividends
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Question 33
jamb 2017
An evidence of payment issued to a government ministry by a revenue collector is
Atreasury receipt
Breceipt voucher
Cpayment voucher
Dtreasury card
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Question 34
jamb 2017
Which of these is a content of a master file?
AAll records relevant to the organisation.
BRecords of assets of the organisation
CA collection of data items
DAll records relating to employees
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Question 35
jamb 2017
Subscription in advance is treated in the balance sheet as a
Acurrent asset
Bcurrent liability
Cfixed asset
Dlong term liability
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Question 36
jamb 2017
The correct expression of accounting equation is
AAssets = Liabilities + Equity
BNet assets = Liabilities + Equity
CAssets + Liabilities = Equity
DAssets = Equity - liabilities
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Question 37
jamb 2017
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)

Carriage outwards
A₦9,000
B₦2,500
C₦3,000
D₦1,500
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Question 38
jamb 2017
The principle of double entry developed from the axioms of accounting equation is given as
AAssets + Liability = Equity
BAssets + Equity = Liabilities
CLiabilities + Equity = Asset
DLiabilities + Equity = Net assets
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Question 39
jamb 2017
What is the effect of transaction when cash is paid into the bank
ABank balance decrease and cash balance increase
Bbank balance decrease and cash balance decrease
Ccash balance increase and bank balance increase
Dcash balance decrease and bank balance increase
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Question 40
jamb 2017
The tier of government that uses financial memorandum
AFederal government
Bstate government
Clocal government
Dmunicipal government
View Explanation & Discuss
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