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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.

78 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

78 questions

Question 1 of 20 78 total questions

Question 21

jamb 2025

Use the following information to answer this question

A fixed asset was bought for #60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for #16,000 on 30th June, 2001.

The net book value at the time of sale was

A#17,000

B#16,000

C#33,000

D#30,000

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Question 22

jamb 2025

Use the following information to answer this question

A fixed asset was bought for #60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for #16,000 on 30th June, 2001.

The profit or loss sale was

A17,000 loss

B#16,000 loss

C#17,000 profit

D#16,000 profit

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Question 23

jamb 2025

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

Alist taken of the account balance in the general ledger

Bproof of the arithmetical accuracy of the ledger postings

Clist of account abstracted from a subsidiary ledger to check their agreement with the related control account

Dsummary of data for the preparation of financial statement

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Question 24

jamb 2025

The Chief Accounting Officer of the federation is

AAuditor General

BMinister of Finance

CAccountant General

DChief Accountant

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Question 25

jamb 2025

The transfer of goods between departments is recorded by debiting

Astock account and crediting trading account

Btrading account and crediting purchases account

Cthe receiving department and crediting the giving department

Dthe giving department and crediting the receiving department

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Question 26

jamb 2025

Which of the following is apportioned in proportion of the purchases of each department?

ACarriage outwards

BSelling commission

CBad debts

DDiscounts received

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Question 27

jamb 2025

A suspense account is used to

Arecord sales

Bagree the trial balance

Cprepare the balance sheet

Drecord purchase

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Question 28

jamb 2025

If sales is D 12,000, and the gross profit markup percentage is 25%. What is the cost of sales?

AD 9,000

BD 9,600

CD 3,000

DD 2,400

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Question 29

jamb 2025

According to the entity concept, ownership is

Aseparated from the business

Bvested on the management

Cnot separated from the business

Dvested on the board of directors

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Question 30

jamb 2025

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019

The balance brought down at the end of the month is

AD 306,900

BD 278,000

CD 154,800

DD 478,300

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Question 31

jamb 2025

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:

The total income for the month is

AD 478,300

BD 278,000.

CD 154,800

DD 180, 000

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Question 32

jamb 2025

Receipts and payments Account of Abalure Youth Club for the year ended 31st December 2018

Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000 respectively.

Total expenses debited to income and expenditure Account for 2018 was

A#8,095,000

B#4,095,000

C#4,515,000

D#1,610,000

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Question 33

jamb 2025

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A10%

B12%

C15%

D5%

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Question 34

jamb 2025

Receipts and Payments Account of Abalure Youth Club for the year ended 31st December 2018

Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000, respectively.

The surplus for the year 2018 was

A#5,235,000

B#7,865,000

C#5,845,000

D#7,535,000

View Explanation & Discuss

Question 35

jamb 2025

The head office usually issues goods to branches at

Acost price

Bprime cost

Cnet realisable value

Dproduction cost

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Question 36

jamb 2025

Which of the following is not part of the double-entry system?

AProfit and Loss Account

BAppropriation Account

CTrading Account

DBalance sheet

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Question 37

jamb 2025

Which of the following is the basis of accounting in public service?

AExpenditure

BAccrual

CProfit

DCash

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Question 38

jamb 2025

The document which sets out the internal arrangement for the proper management of a company is the

Amemorandum of association

Bprospectus

Ccertificate of incorporation

Darticle of association

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Question 39

jamb 2025

Which of the following is an advantage of the imprest system?

Amaking high profits in the business

BRewarding the imprest holder

CMeeting small items of expenditure

DEasy preparation of the final accounts

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Question 40

jamb 2025

Which of the following errors affects the agreement of a Trial Balance?

APosting the Purchase of a van to the debit side of the purchases account

BFailure to enter sales in the books

CWrong addition in the sales account

DCrediting a purchase to A. Tambi's account instead of F. Tambi's account

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