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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.

95 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

95 questions

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Question 31

jamb 2012

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

Aapplication and allotment account and credit unsubscribed shares

Bapplication and allotment account and credit cash

Coversubscribed shares and credit allotment account

Doversubscribed shares and credit allotment account

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Question 32

jamb 2012

Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents

From the above, which of the following is delivered to the Registrar of companies for incorporation

A1 and 11

B1, 11 and 111

C1 and 111

D11 and 111

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Question 33

jamb 2012

In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

Abusiness purchase account and ordinary share capital account

BBusiness purchase account, vendor account and ordinary share capital account

Cbusiness purchase account and vendor account

Dordinary share capital account, vendor account and unpaid share capital account

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Question 34

jamb 2012

Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

Adebit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000

Bcredit goodwill #15,000, cash #20,000 and debit Mary's #35,000

Cdebit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000

Ddebit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000

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Question 35

jamb 2012

In what way can goodwill be written off in a partnership business?

AUsing the partners' profit and loss sharing ratio

BBy neglecting the ratio of partners capital contributions

CBy sharing it unequally among the partners where no agreement exists

DBy sharing it among the active partners only

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Question 36

jamb 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.

What is Jakata's sharing profit?

A3:5

B1:2

C2:5

D1:5

View Explanation & Discuss

Question 37

jamb 2012

A#62,000

B#48,000

C#44,000

D#43,000

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Question 38

jamb 2012

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

Acost price

Bfixed percentage on cost

Cselling price

Dinvoice price

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Question 39

jamb 2012

In the head office ledger, the value of goods sent to the branch are

Adebited to the head office current account

Bdebited to the branch current account

Ccredited to the head office current account

Dcredited to the branch current account

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Question 40

jamb 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000

Determine the capital

A#10,000

B#42,000

C#45,000

D#52,000

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Question 41

jamb 2012

The excess revenue over expenditure is charged to

Aprofit and loss

Brevenue account

Caccumulated fund

Dincome and expenditure acccount

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Question 42

jamb 2012

The main advantage of a departmental account is that its

Aexpenses are shared

Bgross profit is computed

Cnet profit is computed

Dbalance sheet is obtained

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Question 43

jamb 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

A#416,000

B#304,000

C#240,000

D#184,000

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Question 44

jamb 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

What is the total manufacturing profit?

A#64,000

B#120,000

C#360,000

D#480,000

View Explanation & Discuss

Question 45

jamb 2012

In manufacturing accounts, finance expenses are charged to the

Adepartmental account

Btrading acount

Cprofit and loss account

Dbalance sheet

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Question 46

jamb 2012

Which of the following is a debit item in the sales ledger control account

ACheque reciepts

BDishonoured cheques

CDiscount allowed

DBills recievable

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Question 47

jamb 2012

Purchasers ledger control account can also be referred to as

Asales day book

Bpurchasers day book

Ccreditors legder

Ddebtors ledger

View Explanation & Discuss

Question 48

jamb 2012

In sales ledger control account, returns inwards is usually

Adebited and debtors credited

Bcredited and sales returns debited

Cdebited and cash credited

Dcredited and bank credited

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Question 49

jamb 2012

The LIFO method has an advantage over FIFO in that stocks are valued at

Aprevious prices

Bcurrent prices

Caverage rates

Dflat rates

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Question 50

jamb 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using simple average method, calculate the value of stock after 22/5/07

A#1,198.00

B#1,218.38

C#1,257.67

D#1,408.00

View Explanation & Discuss

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