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Accounting Past Questions

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1,611 questions JAMB 1611 WAEC 1757 CUSTOM 2

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1,611 questions

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Question 361

jamb 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000

Calculate the gross profit

A#100,000

B#86,000

C#82,000

D#76,000

View Explanation & Discuss

Question 362

jamb 2013

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit

Asales account and credit bank account

Bpurchases and credit bank account

Ccash and credit freehold

Dbank and credit freehold

View Explanation & Discuss

Question 363

jamb 2013

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.

If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?

A#4,000

B#7,000

C#11,000

D#24,000

View Explanation & Discuss

Question 364

jamb 2013

i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.

Which of the above is correct about the imprest system?

Ai, ii and iii

Bi, iii and iv

Ci, ii and iv

Diii and iv

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Question 365

jamb 2013

Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit

Adiscount recieved account and credit Alaka's account

BAlaka's account and credit discount recieved account

CSaka's account and credit discount recieved account

Ddiscount allowed account and credit Alaka's account

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Question 366

jamb 2013

The corresponding entry of personal accounts found in the debit side of the cash is to

Acredit real accounts

Bdebit real accounts

Ccredit the ledger

Ddebit the ledger

View Explanation & Discuss

Question 367

jamb 2013

Which of the following items is a capital expenditure?

AMaintenance of office machine

BPurchase of office stationery

CCarriage inwards

DPurchase of office machinery

View Explanation & Discuss

Question 368

jamb 2013

The major source document which enables an employer to calculate the employee wages is the

Anominal roll of employees

Brecord of number of hours worked

Ceffort of the employee

Drecord of number of dependants per employee

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Question 369

jamb 2013

The total credit sales for a period can be extracted from the

Acash book

Bsales day book

Cpetty cash book

Dreturns inwards

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Question 370

jamb 2013

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them

The double entry for July 31 would be

Adebit Agromachinex and credit cash

Bdebit equipment and credit Agromachinex

Ccredit capital and debit cash

Dcredit cash and debit purchases

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Question 371

jamb 2013

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them

The double entry for July 1 would be

Adebit capital and credit cash

Bcredit cash and debit bank

Cdebit cash and credit capital

Ddebit purchases and credit cash

View Explanation & Discuss

Question 372

jamb 2013

When the debit side total of an account, it means that the account has

Abeen overdrawn

Bbeen understand

Cdebit balance

Dcredit balance

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Question 373

jamb 2013

Accounting information seeks to provide

Apermanent records for all transactions

Banalysis of accounts to trade debtors

Caudited reports on the accounts of a company

Ddata about the employees of a company

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Question 374

jamb 2012

Determine the bank balance

AN 6,950 credit

BN6,950 debit

CN6,000 credit

DN6,000 debit

View Explanation & Discuss

Question 375

jamb 2012

Use the information above to answer the question

Calculate the net profit.

AN35,000

BN40,000

CN105,000

DN115,000

View Explanation & Discuss

Question 376

jamb 2012

Use the information above to answer the question
Find the gross profit.

AN370,000

BN230,000

CN150,000

DN140,000

View Explanation & Discuss

Question 377

jamb 2012

The 5% discount shown above indicates

Atrade discount

Bcash discount

Cdiscount allowed

Ddiscount received

View Explanation & Discuss

Question 378

jamb 2012

Given:

From the above information, the gross profit from department X is

AN3,800

BN2,300

CN2,200

DN2,000

View Explanation & Discuss

Question 379

jamb 2012

Given:

Determine the balance

A415,000 debit

B215,000 credit

C215,000 debit

D315,000

View Explanation & Discuss

Question 380

jamb 2012

The power to appoint the Auditor General of the Federation is vested in the

ANational Assembly

BPresident

CJudicial Service Commission

DCivil Service Commission

View Explanation & Discuss

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