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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.

116 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

116 questions

Question 1 of 20 116 total questions

Question 31

jamb 2019

Use the information to answer this question

Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830

What us the amount of purchase

A₦11,970

B₦11,000

C₦1,250

D₦12,053

View Explanation & Discuss

Question 32

jamb 2019

Given:

Equipment
Motor Vehicle
Loan
Creditors
Sub in advance
Sub in arrears

₦
10,000
15,000
4,500
3,000
150
3500

What is the accumulated fund?

A₦14,150

B₦20,850

C₦21,850

D₦14,200

View Explanation & Discuss

Question 33

jamb 2019

The similarities between Receipts and payments and income and expenditure account is

ABoth accounts follows the principle of double entry

BThey are summaries of financial statements

CBoth include capital items

DBoth are prepared by non-profit making concern

View Explanation & Discuss

Question 34

jamb 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

Acapital

Bcapital employed

Ccapital owned

Daccumulated funds

View Explanation & Discuss

Question 35

jamb 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A20%

B5%

C10%

D15%

View Explanation & Discuss

Question 36

jamb 2019

Where there is no agreement made by the partners, the following provisions takes place except

ANo salary for partners acting in the business

BThere is interest on capital

CNo interest to be charged on drawings

DProfit and loss are to be shared equally

View Explanation & Discuss

Question 37

jamb 2019

Use the following information to answer this question

Year	₦
1991 1992 1993 1994	14,000 24,000 10,000 16,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

A32,000

B16000

C30000

D64,000

View Explanation & Discuss

Question 38

jamb 2019

Shares that are offered to existing shareholders at a price is called

Apar

Bpremium

Cright issue

Dbonus issue

View Explanation & Discuss

Question 39

jamb 2019

An ordinary share of ₦100 was issued at ₦80. The share was issued at

Apremium

Bpar

Cdiscount

Dloss

View Explanation & Discuss

Question 40

jamb 2019

What was the gross profit?

A₦35,000

B₦75,000

C₦50,000

D₦25,000

View Explanation & Discuss

Question 41

jamb 2019

What was the cost of goods sold?

A₦25,000

B₦35,000

C₦50,000

D₦75,000

View Explanation & Discuss

Question 42

jamb 2019

Discount received is charge to

Acurrent account

Bprofit and loss

Ctrading account

Dbalance sheet

View Explanation & Discuss

Question 43

jamb 2019

The purpose of profit and loss account is to ascertain

AGross profit

BCapital

CExpenses

DNet profit

View Explanation & Discuss

Question 44

jamb 2019

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

ADebit rent account, Credit bank account

BDebit Rent account, Credit Samson's account

CDebit Bank account, Credit Rent account

DDebit Samson's account, Credit Rent account

View Explanation & Discuss

Question 45

jamb 2019

The difference between double entry and single entry is

Adouble entry is based on the dual concept while single entry is not based on dual concept

Bdouble entry is an account while single entry is not an account

Cdouble entry keeps personal account while single does not

Ddouble entry is useful for business enterprise while single entry is not

View Explanation & Discuss

Question 46

jamb 2019

The rules of double entry states that

Afor every debit entry, there must be a corresponding debit entry

Bfor every credit entry, there must be a corresponding credit entry

Call transactions must be recorded in two accounts, one account is debited and another is credited

Dall transaction must be credited

View Explanation & Discuss

Question 47

jamb 2019

A proprietor withdraws cash from the business for private use, he

Acredits cash account and debits bank account

Bcredits cash account and debits drawing A/C

Cdebits cash account and credits drawings account

Ddebits bank account and credits drawings account

View Explanation & Discuss

Question 48

jamb 2019

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

AIncrease in assets of motor vehicle account

BDecrease in assets of motor vehicle account

CIncrease in assets of bank account

DIncrease in liabilities of bank account

View Explanation & Discuss

Question 49

jamb 2019

Majority of commercial transactions are termed credit transactions, which means

AThe buyers pay immediately for goods bought

BSettlement is deferred to a future date

CNo account will be opened

DItem of expenditure increases

View Explanation & Discuss

Question 50

jamb 2019

One of these is not a similarity between Joint Venture and Partnership.

AAIM is profit making

BIt is for a specific venture

CInvolves two people

Dhave rights and duties

View Explanation & Discuss

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