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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.

96 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

96 questions

Question 1 of 20 96 total questions

Question 31

jamb 2013

When shares are issued at a discount, entries are to debit

Aapplication allotment account and credit discount accoun

Bdiscount account and credit

Ccash account and credit discount account

Ddiscount account and credit bank account

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Question 32

jamb 2013

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

Anet income

Brevenue reserve

Ccapital reserve

Dnet loss

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Question 33

jamb 2013

When a share valued at 50k is issued at #1.59, it is said to be issued at

Apar

Bpremium

Cdiscount

Dinterest

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Question 34

jamb 2013

In a partnership account, interest on drawings is

Adebited to appropriation account

Bcredited to appropiation account

Ctreated as an expense in profit and loss account

Drecorded in the balance sheet as current assets

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Question 35

jamb 2013

A partnership's internal regulations are set out by

Aa deed

Ba law

Ca constitution

Dan article

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Question 36

jamb 2013

The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

Abonus

Bcommission

Cpremium

Dgoodwill

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Question 37

jamb 2013

i. Direct materials
ii.Direct labour
iii.Direct expenses
iv. Factory expenses

Prime cost consist of

Ai, ii and iii

Bi, ii and iv

Ci, iii and iv

Dii, iii and iv

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Question 38

jamb 2013

Which of the following expenses relates to the profit and loss account of a manufacturing firm

ADirect materials

BDirect labour

CAdministrative overhead

DWork-in-progress

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Question 39

jamb 2013

Which of the following is accounted for in receipts and payment account

ASubscriptions recieved in advance

BSubscriptions due not yet recieved

CAccrued expenses on annual dances

DDepreciation of the club house

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Question 40

jamb 2013

In manufacturing account, the work-in-progress at the end of the year is

Adeducted from the cost of goods completed during this year

Badded to the cost of goods completed

Cstated in the profit and loss account

Dstated in the prime cost section

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Question 41

jamb 2013

Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000

Determine the prime cost

A#525,000

B#515,000

C#465,000

D#370,000

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Question 42

jamb 2013

Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000

Calculate the cost of raw materials used

A#495,000

B#415,000

C#325,000

D#305,000

View Explanation & Discuss

Question 43

jamb 2013

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

Agoods available for sale

Bgoods sold

Cgoods manufactured

Dmaterials put into production

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Question 44

jamb 2013

When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a

Adiscount

Bsales commission

Cmanufacturing profit

Dfactory reserves

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Question 45

jamb 2013

Given:

Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000

The adjusted capital as at 31/1/2007 is

A#35,000

B#39,000

C#45,000

D#46,000

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Question 46

jamb 2013

The estimated profit or loss for a period is calculated by

Aclosing capital less opening capital add drawings

Bopening capital less closing capital add drawings

Copening capital less drawings add closing capital

Dopening capital add closing add drawings

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Question 47

jamb 2013

Given:

Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000

Determine the net profit

A#2,000

B#14,000

C#20,000

D#30,000

View Explanation & Discuss

Question 48

jamb 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500

Calculate the closing capital

A#8,700

B#9,500

C#9,700

D#10,700

View Explanation & Discuss

Question 49

jamb 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500

Find the opening capital

A#5,700

B#7,700

C#9,800

D#14,900

View Explanation & Discuss

Question 50

jamb 2013

The total cash and cheques received from customers in a control account is derived from the

Apurchases day book

Bcash book

Cincome and expenditure account

Dsales journal

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