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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.

127 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

127 questions

Question 1 of 20 127 total questions

Question 31

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The cost of goods sold is

A#21,200

B#20,200

C#19,200

D#18,800

View Explanation & Discuss

Question 32

jamb 2024

The following extracts are made from the books of Agama Enterprises.

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%

Method of depreciation used is Diminishing Balance The depreciation charge for year two is

A#28,800

B#48,000

C#17,280

D#10,370

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Question 33

jamb 2024

The following extracts are made from the books of Agama Enterprises.

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%

Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is

A#15,552

B#10,368

C#10,375

D#17,280

View Explanation & Discuss

Question 34

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The balance of #11,800 represents the amount

Aof balance required

Bof purchases made

Creceivable from creditor

Dpayable to the creditor

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Question 35

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The amount #30,000 represents

Acash purchases

Bcash paid to supplier

Ccredit purchases

Damount due from supplier

View Explanation & Discuss

Question 36

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The item sales ledger #1,200 represents

Acash paid to supplier

Bamount due from suppliers

Ccash purchases

Dcredit purchase

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Question 37

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The Local Council's revenue for 2008 was

A#47,000

B#37,000

C#42,000

D#27,000

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Question 38

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The council's expenditure for the year was

A#43,000

B#35,000

C#30,000

D#22,000

View Explanation & Discuss

Question 39

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The council's expenditure was

A#28,000

B#21,000

C#20,000

D#13,000

View Explanation & Discuss

Question 40

jamb 2024

The value of assets on dissolution of partnership is debited to realization account and credited to ___ account

Abank

Basset

Cdissolution

Dcash

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Question 41

jamb 2024

Which of the following is a function of the operating system of a computer?

Acontrols the input and output peripherals

Bused to enter data

Chas magnetic surface for storage

Dused to display data

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Question 42

jamb 2024

The coming together of two sole trading businesses to form a partnership is

Acombination

Bacquisition

Camalgamation

Dassociation

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Question 43

jamb 2024

The permanent memory of a computer is the

AROM

BRAM

CALU

DCPU

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Question 44

jamb 2024

Which of the following is not required in preparing a statement of affairs?

Afixed assets

Bnet profit

Caccruals

Dcash in hand

View Explanation & Discuss

Question 45

jamb 2024

Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest

A2%

B15%

C10%

D5%

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Question 46

jamb 2024

The opening stock at the beginning of an accounting period represents

Agoods returned from last accounting period

Bcost of goods sold

Ccost of goods purchased

Dgoods available for sale

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Question 47

jamb 2024

A method of stock valuation is

Aaccural

Bowing

Cadvance

DSAP

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Question 48

jamb 2024

Which of the following is a characteristics of a limited liability company?

Adeath of a shareholder dissolves the company

BOwned by the directors

Cseparated from the owners

Dprofits are shared equally

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Question 49

jamb 2024

Who among the following developed the idea of double entry book-keeping?

AFrankWood

BOmuya James

CJames Lucas

DFrancia Luca Pacioli

View Explanation & Discuss

Question 50

jamb 2024

Depriciation is?

Aan appropriation of profit

Bestimated life of an asset

Closs in the value of fixed asset

Dincrease in asset value

View Explanation & Discuss

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