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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 461
waec 2016

Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The authorized share capital is

AN300,000
BN250,000
CN200,000
DN150,000
View Explanation & Discuss
Question 462
waec 2016
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The unsubscribed share capital is
AN300,000
BN250,000
CN200,000
DN150,000
View Explanation & Discuss
Question 463
waec 2016
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The subscribed share capital is
AN300,000
BN250,000
CN200,000
DN150,000
View Explanation & Discuss
Question 464
waec 2016
When allotments have been fully paid, subscribers are referred to as
AAllotters
BApplicants
CNon-members
DShareholders
View Explanation & Discuss
Question 465
waec 2016

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

ACapital account
BAppropriation account
CDrawings account
DProfit and loss account
View Explanation & Discuss
Question 466
waec 2016

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A5%
B10%
C12%
D15%
View Explanation & Discuss
Question 467
waec 2016

Where fixed capitals are maintained in a partnership, share profits are

ACredited to partners capital accounts
BCredited to partners current accounts
CDebited to partners capital accounts
DDebited to partners current accounts
View Explanation & Discuss
Question 468
waec 2016

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

ARealization concept
BBusiness entity concept
CCost concept
DDual aspect concept
View Explanation & Discuss
Question 469
waec 2016

Purchases of fixtures and fittings by a club is recorded in the

AReceipts and payments account only
BIncome and expenditure only
CReceipts and payments account and balance sheet
DIncome and expenditure account and balance sheet
View Explanation & Discuss
Question 470
waec 2016

Which of the following is a credit item in an income and expenditure account?

AElectricity
BDonations
CStationery
DBar suppliers
View Explanation & Discuss
Question 471
waec 2016

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

AGH¢45,300
BGH¢28,992
CGH¢27,180
DGH¢24,160
View Explanation & Discuss
Question 472
waec 2016
Use the following information to answer this question.

Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211

The total purchases is
AD 161,841
BD 156,986
CD 134,673
DD 132,200
View Explanation & Discuss
Question 473
waec 2016
Use the following information to answer this question.

Cash purchase - D 29,641
Creditors 1/1/14 - D 2,473
Creditors 31/12/14 - D 3,117
Cash paid to creditors - D 127,345
Discount received - D 4,211

The credit purchases is
AD 161,841
BD 156,986
CD 134,673
DD 132,200
View Explanation & Discuss
Question 474
waec 2016

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

ACurrent assets
BFixed assets
CCurrent liabilities
DLong term liabilities
View Explanation & Discuss
Question 475
waec 2016

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

AI and II only
BI and III only
CI, II and III only
DI,II and IV only
View Explanation & Discuss
Question 476
waec 2016

Use the following information to answer this question.

Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.

The total costs of the computers is

ALe 80,000
BLe 96,000
CLe 100,000
DLe 104,000
View Explanation & Discuss
Question 477
waec 2016

Use the following information to answer this question.

Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.

The depreciable value of computers is

ALe 80,000
BLe 96,000
CLe 100,000
DLe 104,000
View Explanation & Discuss
Question 478
waec 2016

Which of the following would result from an increase in the provision for doubtful debts?

AA Decrease in gross profit
BA decrease in net profit
CAn increase in gross profit
DAn increase in net profit
View Explanation & Discuss
Question 479
waec 2016

Use the following information to answer this questions.

Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.

The balance sheet as at 31st December 2014 will show

ACurrent asset of N600
BCurrent asset of N400
CCurrent liability of N400
DCurrent asset of N600
View Explanation & Discuss
Question 480
waec 2016

Use the following information to answer this questions.

Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.

Rent for 2014 chargeable to the profit and loss account is

AN4,000
BN3,000
CN3,200
DN2,800
View Explanation & Discuss
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