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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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

3,370 questions
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Question 1 of 20 3,370 total questions
Question 451
jamb 2017
You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except
AUnpresented
BDividend
CUncredited cheque
Dcredit transfer
View Explanation & Discuss
Question 452
jamb 2017
Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes
AI,II and III only
BI and II only
CIII and IV only
DI, III and IV only
View Explanation & Discuss
Question 453
jamb 2017
In manufacturing account, depreciation of office machine is charged to
Atrading account
Bappropriation account
Cbalance street
Dprofit and loss account
View Explanation & Discuss
Question 454
jamb 2017
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
Atrading account
Bappropriation account
Cbalance sheet
Dprofit and loss account
View Explanation & Discuss
Question 455
jamb 2017
Capital for a profit making organization is generated through
ASubscription
Bshares
Cdonation
Dgift
View Explanation & Discuss
Question 456
jamb 2017
Which of these accounts is dissolution expenses credited?
Apartners capital account
Brevaluation account
Cpartners current account
DRealization account
View Explanation & Discuss
Question 457
waec 2016

Which of the following errors will affect the agreement of the trial balance?

AError of original entry
BError of commission
CError of transposition
DError of omission
View Explanation & Discuss
Question 458
waec 2016

The financial statement which is an expression of the accounting equation is the

ATrading account
BProfit and loss account
CBalance sheet
DStatement of cash flow
View Explanation & Discuss
Question 459
waec 2016

When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

AProfit and loss account; credit asset disposal account
BAsset disposal account; credit profit and loss account
CAsset disposal account, credit asset account
DProfit and loss account; credit provision for depreciation account
View Explanation & Discuss
Question 460
waec 2016

Debts that a firm is unable to recover are debited to bad debts account and credited to

ASuppliers account
BSales account
CCustomers account
DCash account
View Explanation & Discuss
Question 461
waec 2016

A loan to a company under the company's seal is

AFixed deposit
BMortgage
CBond
DDebenture
View Explanation & Discuss
Question 462
waec 2016

Assets which are readily convertible into cash are termed as

ALiquid assets
BFixed assets
CIntangible assets
DTangible assets
View Explanation & Discuss
Question 463
waec 2016

In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as

ABonus
BGoodwill
CNet profit
DPremium
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Question 464
waec 2016

Which of the following expenses is apportioned between departments based on sales?

ADiscount received
BElectricity
CCarriage inwards
DCarriage outwards
View Explanation & Discuss
Question 465
waec 2016

The total of the discounts received column in the three column cash book is?

ADebited to discounts received account
BCredited to discounts received account
CDebited to discounts allowed account
DCredited to discount allowed account
View Explanation & Discuss
Question 466
waec 2016

The transfer of money from one sub-head to another in the public sector is

ABudgeting
BAllocation
CVirement
DVote
View Explanation & Discuss
Question 467
waec 2016

Which of the following is a source of local government revenue?

AExcise duties
BMarket dues
CImport duties
DLoans and grants
View Explanation & Discuss
Question 468
waec 2016

The cost of goods returned by branch to head office is debited

ABranch stock adjustment account
BGoods sent to branch account
CBranch stock account
DBranch profit and loss account
View Explanation & Discuss
Question 469
waec 2016

The branch current account records

AHead office transactions with the branch
BBranch transactions with the head office
CGoods sent to branch at selling price
DCash received from branch as sales
View Explanation & Discuss
Question 470
waec 2016

The entries for credit sales at branch where the head office keeps all records are:Debit

ABranch stock account; credit branch debtors account
BBranch debtors account; credit branch stock account
CBranch debtors account; credit branch adjustment account
DBranch adjustment account; credit branch debtors account
View Explanation & Discuss
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