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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.

1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

1,757 questions
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Question 1 of 20 1,757 total questions
Question 471
waec 2005
Which of the following is not contained in sales ledger control account?
Areturns inwars
Breturns outwards
Creceipts from debtors
Ddishonored cheques
View Explanation & Discuss
Question 472
waec 2005
Which of the following is used to derive missing figures in a system of incomplete records?
Acontrol account
Bbank account
Cprofit and loss account
Dbank statement
View Explanation & Discuss
Question 473
waec 2005
Which of the following is a factory overhead?
ADepreciation of plant and machinery
BRoyalties
Craw materials consumed
Dcarriage outwards
View Explanation & Discuss
Question 474
waec 2005
Depreciation of assets is provided for provided for in consideration of
Adisposal
Bloss by fire
Closs in transit
Dwear and tear
View Explanation & Discuss
Question 475
waec 2005
Capital expenditure is the
Acost of running a business
Bmoney spent on buying goods for resale
Cmoney spent on acquire fixed assets
Dextra capital paid in by the proprietor
View Explanation & Discuss
Question 476
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is
AN18,150 Cr
BN16,150 Cr
CN10,150 Cr
DN6,150 Cr
View Explanation & Discuss
Question 477
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is
AN40,500
BN30,500
CN30,000
DN25,000
View Explanation & Discuss
Question 478
waec 2005
Use the following information to answer the question
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is
AN19,750
BN15,250
CN15,000
DN10,250
View Explanation & Discuss
Question 479
waec 2005
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
AN39,500
BN30,500
CN30,000
DN20,500
View Explanation & Discuss
Question 480
waec 2005
An example of fixed asset is
Acreditors
Bgoodwill
Caccruals
Dfurniture
View Explanation & Discuss
Question 481
waec 2005
Gross profit is calculated in the
Atrading account
Bprofit and loss account
Cappropriation account
Dpartners current account
View Explanation & Discuss
Question 482
waec 2005
The total of the sales journal is entered on the
Adebit side of sales account
Bdebit side of cash account
Ccredit side of sales account
Dcredit side of cash account
View Explanation & Discuss
Question 483
waec 2005
The maximum level of cash held by by a cashier under an imprest system is a/an
Avote
Bfloat
Creimburstment
Dadvance
View Explanation & Discuss
Question 484
waec 2005
A debit balance of N1,000 in cash account means that
Acash in hand is N1,000
Bcash has been overspent by N1,000
Ctotal cash paid out is N1,000
Dtotal cash received was less by N1,000
View Explanation & Discuss
Question 485
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)

Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Adjusted Cash Book balance is
AN3,800 O/D
BN3,310 O/D
CN3,030 O/D
DN2,540 O/D
View Explanation & Discuss
Question 486
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
Uncredited cheques totalled
AN3,500
BN2,540
CN1,060
DN630
View Explanation & Discuss
Question 487
waec 2005
Use the information to answer the given question
\(\begin{array}{c|c} Dr & & & & & Cr \\ \hline & N & & & N & Cr \\ \hline \text{Jan 5 Hassan} & 3,080 & \text{Jan 1} & \text{Balance b/s} & 7,090 & \\ \text{Jan 24 malik} & 1,200 & \text{Jan 9} & \text{Dauda} & 1,400 & \\ \text{Jan 29 Rasaq} & 1,240 & \text{Jan 31} & \text{Hussein} & 630 & \\ \text{Jan 31 Lukman} & 1,060 & & & \\ \text{Jan. 31 Balance c/d} & 2,540 & & & \\ & \overline{9,120} & & & \overline{9,120} \\ & & \text{Feb 1} & \text{Balance b/d} & \overline{2,540} & \end{array}\)
Bank statement:
\(\begin{array}{c|c} & Dr & Cr & Balance \\ \hline & N & N & N \\ \hline \text{Jan 1 Balance b/d} & & & 7,090 O/D \\ \text{Jan 5 Hassan} & & 3,080 & 4,010 O/D \\ \text{Jan 9 Dauda} & 1,400 & & 5,410 O/D \\ \text{Jan 24 malik} & & 1,200 & 4,210 O/D \\ \text{Jan 29 Rasaq} & & 1,240 & 2,970 O/D \\ \text{Jan 30 Standing order} & 770 & & 3,740 O/D \\ \text{Jan 31 Bank charges} & 490 & & 4,230 O/D \end{array}\)
Unpresented cheque(s) totalled
AN9,120
BN7,090
CN1,400
DN630
View Explanation & Discuss
Question 488
waec 2005
Which of the following is an example of direct expense?
ARoyalties
Bcarriage inwards
Ccarriage outwards
Dmanufacturing wages
View Explanation & Discuss
Question 489
waec 2005
Which of the following is not one of the uses of a journal proper? To record
Asmall and repetive cash disbursements
Bpurchases day book
Cwriting off bad debts
Ddebtors and creditors
View Explanation & Discuss
Question 490
waec 2005
Which of the following is found in the private ledger?
Arent account
Bsales account
Cdrawings account
Dbank account
View Explanation & Discuss
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