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.
When closing stock is overstated, it would reduce,
Acost of sales and increase gross profit
Bgross profit and increase cost of sales
Cpurchases and increases sales
Dsales and increase purchases
View Explanation & Discuss
Question 313
waec2012
Trade discounts are given for
Abulk purchases
Bprompt payment
Cquick delivery
Dcash payment
View Explanation & Discuss
Question 314
waec2012
The objectively of accounting information is enable users to
Aprepre the financial statements
Bvalue stock
Cmake decisions
Dprepare budgets
View Explanation & Discuss
Question 315
waec2011
Which of the following date lines is correct for a profit and loss account?
Afor the year ended 31st December 2009
Bas 31st December 2009
Cfor the period 31st December 2009
Das at the year 2009
View Explanation & Discuss
Question 316
waec2011
Provision for depreciation on delivery van is charged to
Atrading account
Bprofit and loss account
Cappropriation account
Dmanufacturing account
View Explanation & Discuss
Question 317
waec2011
The concept which states that assets are not to be recorded at their current market value is
Amoney measuremen
Bmateriality
Ccost
Dentity
View Explanation & Discuss
Question 318
waec2011
Which of the following is not used in Public accounting?
Acash book
Btrial balance
Cprofit and loss account
Dbank reconciliation statement
View Explanation & Discuss
Question 319
waec2011
The business entity concept
Aseperates the owner's transactions from the business transactions
Brecords transactions outside the business
Cdoes not seperate the owner's trasactions from the business transactions
Dinvolves other business transactions
View Explanation & Discuss
Question 320
waec2011
The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is
ALe 325 overdraft
BLe 325
CLe 1,275
DLe 1,275 overdraft
View Explanation & Discuss
Question 321
waec2011
The process of recording financial transactions of government is
Amanagement accounting
Bfinancial accounting
Ccost accounting
Dpublic sector accounting
View Explanation & Discuss
Question 322
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
the total cash received from customer is
AD68,942
BD60,000
CD43,220
DD41,336
View Explanation & Discuss
Question 323
waec2011
Use the following information to answer the given question.
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
Net sales is
AD41,878
BD41,336
CD41,284
Dd39,400
View Explanation & Discuss
Question 324
waec2011
The diagrammatic representation of the workings of the computer program is
Aflow chart
Bdesktop
Ckeyboard
Dbyte
View Explanation & Discuss
Question 325
waec2011
When shares are issued to the public and the issuing company has not requested for payments, it is referred to as
Aauthorized capital
Bpaid-up capital
Cuncalled capital
Dunissued capatal
View Explanation & Discuss
Question 326
waec2011
Rent owed by a department is treated in the Balance sheet as
Aasset of the business
Basset of the department
Cliability of the business
Dliability of the department
View Explanation & Discuss
Question 327
waec2011
computer memory sizes are measured in
Akilometers
Bkilowatts
Ckilobytes
Dcentimetres
View Explanation & Discuss
Question 328
waec2011
Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price plus makeup percentage iii. cost price
Ai and ii
Bi and iii
Cii and iii
Di, ii and iii
View Explanation & Discuss
Question 329
waec2011
Which of the following is not an example of capital reserve?
Ashare premium
Bretained profits
Csurplus on revaluation of assets
Dpre-incorporation profits
View Explanation & Discuss
Question 330
waec2011
The concept which deals with the exclusion of trivial items in the accounting records is
