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.
Which of the following is not a debit item in a partnership appropriation account?
Acapital
Bdrawings
Ccreditors
Dbank balance
View Explanation & Discuss
Question 402
waec2008
Which of the following is a debit entry in debtors control account?
Acredit sales
Bbad debts
Creturns inwards
Ddiscounts allowed
View Explanation & Discuss
Question 403
waec2008
Final accounts of a not-for-profit making organization is made up of
Asubscription accounts and income and expenditure accounts
Bsubscriptions accounts and balance sheet
Cincome and expenditure account and balance sheet
Dreceipts snd payments account and income and expensiture account
View Explanation & Discuss
Question 404
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is
A₦9,000
B₦6,000
C₦3,000
D₦2,400
View Explanation & Discuss
Question 405
waec2008
Which of the following is not a characteristic of a computer?
Alarge storage capacity
Bver fast
Chighly accurate
Dhighly diligent
View Explanation & Discuss
Question 406
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
A₦176,000
B₦166,000
C₦160,000
D₦16,000
View Explanation & Discuss
Question 407
waec2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The balance of the profit and loss appropriation account as at the end of the year was
A₦16,000
B₦10,000
C₦5,400
D₦1,400
View Explanation & Discuss
Question 408
waec2008
Returns inwards is also called
Apurchases returns
Bsales returns
Cgoods on sales or return
Dgoods in transit
View Explanation & Discuss
Question 409
waec2008
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
Amaterials available
Bproduction
Csales
Dmaterials used
View Explanation & Discuss
Question 410
waec2008
Which of the following is the effect of an increase in the provision for discount allowed?
Aincrease in net profit
Bdecrease in ross profit
Cdecrease in net profit
Dincrease in gross profit
View Explanation & Discuss
Question 411
waec2008
In a partnership business, the net profit serves as opening figure for
Atrading account
Bprofit and loss accoun
Ccurrent account
Dappropriation account
View Explanation & Discuss
Question 412
waec2008
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
Abusiness entity
Brealization
Cgoing concern
Dsual-aspect
View Explanation & Discuss
Question 413
waec2008
An analytical cash book is used to
Aindicate source of cash received
Bcategorise petty cash payment
Cseparate cash and bank balance
Danalyse amounts due from debtors
View Explanation & Discuss
Question 414
waec2008
A sales Day book is used for recording
Acredit sales
Bsales returns
Chire purchase
Dcash sales
View Explanation & Discuss
Question 415
waec2008
Which of the following is the basis accounting equation?
Aassets = capital + liabilities
Bcapital = assets + liabilities
Cliabilities = assets + capital
Dassets = liabilities + equity
View Explanation & Discuss
Question 416
waec2007
Which of the following is a source of revenue to a local government authority?
Apoll tax
Bexcise duty
Cpaye tax
Dvalue added tax
View Explanation & Discuss
Question 417
waec2007
Which of the following attracts a fixed rate of dividend?
Aordinary shares
Bfounder's shares
Cpreference shares
Ddefferred shares
View Explanation & Discuss
Question 418
waec2007
An example of capital gain s
Apremium
Bbonus
Cshares
Ddebenture
View Explanation & Discuss
Question 419
waec2007
Which of the following is not a real account?
Abuilding account
Bmotor vehicle account
Cpatents account
Dfurniture account
View Explanation & Discuss
Question 420
waec2007
Holder of ordinary shares do not have the right to
