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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.

127 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

127 questions

Question 1 of 20 127 total questions

Question 21

waec 2024

A sole trader received the sum of # 4,860 cash from a debtor. The effect of this transaction in the balance sheet is

Adecrease in stock and increase in debtor.

Bdecrease in asse and increase in liability.

Cincrease in cash and decrease in debtor.

Dincrease in cash and decrease in capital.

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Question 22

waec 2024

Use the following information to answer this question

Opening stock 6,000
Sales 180,000
Closing stock 4,200

Mark-up is 33\(\frac{1}{3}\)%

The gross profit is

ALe 60,000.

BLe 45,000.

CLe 44,400

DLe 33,750.

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Question 23

waec 2024

Use the following information to answer this question

Opening stock 6,000
Sales 180,000
Closing stock 4,200

Mark-up is 33\(\frac{1}{3}\)%

The cost of goods sold is

ALe 139,200.

BLe 135,000.

CLe 133,200.

DLe 127,200.

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Question 24

waec 2024

Use the following information to answer this question

Opening stock 6,000
Sales 180,000
Closing stock 4,200

Mark-up is 33\(\frac{1}{3}\)%

The value of purchases is

ALe 139,200.

BLe 135,000.

CLe 133,200.

DLe 127,200.

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Question 25

waec 2024

In manufacturing account, wages of machine operators are classified as

Aprime cost.

Bfactory overheads.

Cwork-in- progress.

Dadministrative overheads.

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Question 26

waec 2024

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is
\(\frac{X-Y}{Z}\)

The letter Z in the formula represents

Acost of the asset.

Baccumulated depreciation.

Cestimated useful life of the asset.

Drate of depreciation.

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Question 27

waec 2024

The concept which assumes that transactions should be expressed using a common denominator is

Ahistorical cost concept.

Bmoney measurement concept.

Cmateriality concept.

Dconsistency concept.

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Question 28

waec 2024

An item recorded in the profit and loss account is

Acreditors.

Bcash-in-hand.

Cdebtors.

Dgeneral expenses.

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Question 29

waec 2024

A bank is interested in accounting information of a client for the purpose of

Aevaluating the entity's share of the market.

Bascertaining the tax payable by the entity.

Cassessing the credit worthiness of the customer.

Ddetermining the dividend payable to shareholders.

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Question 30

jamb 2024

The following balances were extracted from the books of Onuoha, a trader on 31st December 2005

Audit fee	12000
General expenses	30000
Purchases	70000
Commission paid	30000
Stock (1 - 01 - 2005)	10000
Stock ( 31 - 12 - 2005)	15000
Sales	120000

The gross profit is

A#35,000

B#45,000

C#55,000

D#25,000

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Question 31

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The current ratio is

A3:1

B2:1

C1:1

D1.2:1

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Question 32

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The gross profit is

A#40,000

B#50,000

C#70,000

D#60,000

View Explanation & Discuss

Question 33

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Total fixed assets is

A#70,000

B#150,000

C#165,000

D#80,000

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Question 34

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Percentage of net profit to sale is

A10%

B40%

C30%

D20%

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Question 35

jamb 2024

The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Cost of goods produced is

A#520,000

B#530,000

C#558,500

D#559,000

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Question 36

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Factory overhead cost is

A#63,500

B#68,500

C#58,500

D#12,800

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Question 37

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

The prime cost is

A#500,000

B#527,500

C#530,000

D#463,000

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Question 38

jamb 2024

	#	#
Debtors	2000	6000
Stock	1000	1300
Discount allowed	500
Cash received from debtors	10000

Sales for the year is

A#14,000

B#10,500

C#14,500

D#16,500

View Explanation & Discuss

Question 39

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The total expenses is

A#3,900

B#3,800

C#4,400

D#3,400

View Explanation & Discuss

Question 40

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The net profit is

A#3,400

B#4,400

C#3,900

D#3,800

View Explanation & Discuss

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