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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.

69 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

69 questions
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Question 1 of 9 69 total questions
Question 31
jamb 2015
Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)

Determine the debtors collection period
A114 days
B68 days
C37 days
D41 days
View Explanation & Discuss
Question 32
jamb 2015

The major distinguishing element between the final account of a partnership and that of a sole trader is the

Adrawing account
Bcapital account
CCreditor account
DAppropriation account
View Explanation & Discuss
Question 33
jamb 2015

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari              Osinbajo

Capital 40, 000    70, 000
Salary 10, 000      15, 000
Int.on capital 5%      5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"

What is Osinbajo share of profit?

AN19, 800
BN49, 500
CN48, 000
DN29, 700
View Explanation & Discuss
Question 34
jamb 2015
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
A20,000
B18,000
C15,000
D12,000
View Explanation & Discuss
Question 35
jamb 2015
Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)

Calculate the acid test ratio
A5 : 1
B6 : 1
C6 : 1 : 1
D4 : 1
View Explanation & Discuss
Question 36
jamb 2015
Which method of pricing can be used satisfactorily in either rising or falling price situation?
AMarket price
BAverage method
CFIFO
DStandard price
View Explanation & Discuss
Question 37
jamb 2015

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

AN16,000
BN17,000
CN13,000
DN14,000
View Explanation & Discuss
Question 38
jamb 2015
An entry in a subsidiary book which does not form part of the double entry system is a
Acontra entry
Bsingle entry
Cjournal entry
Dmemorandum entry
View Explanation & Discuss
Question 39
jamb 2015
An expenses is said to be revenue in nature if it
Aadds or contributes to the operating income of the business
Bnecessitates the introduction of additional capital
Creduces the capital of the business
Dadds to or improves the value of fixed assets
View Explanation & Discuss
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