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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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

3,370 questions
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Question 1 of 20 3,370 total questions
Question 301
jamb 2019

From the following, determine the value of the closing stock using:

Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦2.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 80 units @ ₦2.00 each
Feb 6 issued 20 units @ ₦1.00 each

A330
B420
C230
D320
View Explanation & Discuss
Question 302
jamb 2019

In the preparation of account, the owners of the business and the business concerned are treated as:

Apartners
Bjoint venture
Cthe same person
Dseparate legal entities
View Explanation & Discuss
Question 303
jamb 2019

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

A₦165,000
B₦635,000
C₦600,000
D₦156,000
View Explanation & Discuss
Question 304
jamb 2019

One of the limitations of accounting is that

Ait ascertain financial position
Bit prevent fraud
Ctransactions are recorded in monetary terms
Dit monitor the progress of the enterprise
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Question 305
jamb 2019

Given:


Fixed assets
Liabilities
Current assets		 ₦
55,000
20,000
13,000

What is the capital?

A₦88,000
B₦48,000
C₦62,000
D₦55,000
View Explanation & Discuss
Question 306
jamb 2019

The objective of departmentalization is to

Aensure that departmental managers are adequately monitored
Brecord transactions for each department for better documentation
Ctackle any recording problem as a result of expansion
Devaluate the profit of different departments
View Explanation & Discuss
Question 307
jamb 2019

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

A₦20,000
B₦6,000
C₦6,174
D₦10,000
View Explanation & Discuss
Question 308
jamb 2019

One of the objective of maintaining the account of a branch at the head office is to

Ato access the performance of the branches
Bcheck the excesses of customers
Crecord charges in shareholdings
Drecord charges in liabilities
View Explanation & Discuss
Question 309
jamb 2019

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

Awarrant
Bbudget
Cimprest
Dconsolidated fund
View Explanation & Discuss
Question 310
jamb 2019

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

AMinistry of Finance
BAccountant General
CRevenue office
DAuditor General
View Explanation & Discuss
Question 311
jamb 2019

Which of the following cannot depreciate?

Aplant and machinery
Bmotor van
Cpremises
Dland
View Explanation & Discuss
Question 312
jamb 2019

Which of the following is not charged to the manufacturing account?

ADirect expenses
BFactory wages
CDistribution expenses
DRaw materials
View Explanation & Discuss
Question 313
jamb 2019

The manufacturing account is prepared to ascertain

Acost of goods sold
Bcost of production
CGross profit
DFinished goods
View Explanation & Discuss
Question 314
jamb 2019

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

Aprofit
Bcapital
Closs
Dcash
View Explanation & Discuss
Question 315
jamb 2019

Use the information to answer this question

Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830

What is the creditors amount in the balance sheet?

A₦550
B₦12,250
C₦12,530
D₦830
View Explanation & Discuss
Question 316
jamb 2019

Use the information to answer this question

Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830

What us the amount of purchase

A₦11,970
B₦11,000
C₦1,250
D₦12,053
View Explanation & Discuss
Question 317
jamb 2019

Given:


Equipment
Motor Vehicle
Loan
Creditors
Sub in advance
Sub in arrears		 ₦
10,000
15,000
4,500
3,000
150
3500

What is the accumulated fund?

A₦14,150
B₦20,850
C₦21,850
D₦14,200
View Explanation & Discuss
Question 318
jamb 2019

The similarities between Receipts and payments and income and expenditure account is

ABoth accounts follows the principle of double entry
BThey are summaries of financial statements
CBoth include capital items
DBoth are prepared by non-profit making concern
View Explanation & Discuss
Question 319
jamb 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

Acapital
Bcapital employed
Ccapital owned
Daccumulated funds
View Explanation & Discuss
Question 320
jamb 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A20%
B5%
C10%
D15%
View Explanation & Discuss
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