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 source of revenue to a government?
Ataxation
Bsales of goods
Cimposition of fines
Dgrants
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Question 452
waec2006
In company accounts, profit after tax is shared in the
Aappropriation account
Brevaluation account
Ccurrent account
Drealization account
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Question 453
waec2006
Cross referencing among different books of accounts is achieved with the use of
Acolumns
Breference numbers
Cfolio
Dmargin
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Question 454
waec2006
A customers who returns goods to the supplier because they are detective is issued a
Adebit note
Bcredit note
Cdelivery note
Dbank note
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Question 455
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
A₦0.88 kobo
B₦0.40 kobo
C₦0.20 kobo
D₦0.17 kobo
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Question 456
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
A₦0.88 kobo
B₦0.40 kobo
C₦0.20 kobo
D₦0.17 kobo
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Question 457
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
If no profit is to be retained, proposed preference shares dividend is
A₦28,000
B₦16,000
C₦12,000
D₦4,000
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Question 458
waec2006
Which of the following is not a revenue account?
Asales
Bpurchases
Cdiscount received
Dinterest received
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Question 459
waec2006
The basis of accounting which eliminates debtors and creditors is
Acash basis
Baccral basis
Cfund basis
Dcommitment basis
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Question 460
waec2006
A sales ledger contains
Acreditors' accounts
Bnominal accounts
Creal acounts
Ddebtors' accounts
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Question 461
waec2006
A book that contains the account for the financial transactions of an organizations is the
Ajournal
Bledger
Cfolio
Dregister
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Question 462
waec2006
Public sector accounting is practiced in
Apublic limited companies
Bgovernment organization
Cprofit making organization
Dpublic trainging company
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Question 463
waec2006
A system where a separate cash book is maintained for small payments is
Asingle entry
Bimprest
Cfloat
Dreimbursement
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Question 464
waec2006
The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is
Astraight line
Breducing balance
Csum of the yeara; digits
Drevaluation
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Question 465
waec2006
The art of collecting, recording, presenting and interpreting accounting data is
Acost accounting
Bmanagement accounting
Cfinancial accounting
Ddata processing
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Question 466
waec2005
Where there is a loss on disposal of a fixed asset, it means
Adepreciation has been underestimated
Bdepreciation has been overestimated
Cscrap value has not been estimated
Ddepreciation method used is inappropriate
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Question 467
waec2005
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
Adebit drawings account, credit purchases account
Bdebit purchases account, credit sales account
Cdebit sales avvount, credit drawings account
Ddebit drawings account, credit sales account
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Question 468
waec2005
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as
Acurrent liabilities
Bcurrent assets
Clong-term liabilities
Dcapital
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Question 469
waec2005
The part of the C.P.U used for the processing of data is
AMonoru unit
Barithmetic and logic unit
Coutput unit
Dinput unit
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Question 470
waec2005
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & - \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
