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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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Question 1 of 20 1,757 total questions
Question 41
waec 2023

Use the following information to answer the question

 

  $ 

 Trade creditors (31/12/2020)

  4,000
 Paid for purchases in 2021: Cheques  110,000
 Carriage inwards  1,000
 Trade creditors (31/12/2021)  6,000



The total purchase in 2021 is

A$121,000
B$113,000
C$117,000
D$111,000
View Explanation & Discuss
Question 42
waec 2023

Which of the following items is classified as capital expenditure in public sector accounting?

ATraining and conference cost
BConstruction works's cost
CWages and salaries
DFinancial charges
View Explanation & Discuss
Question 43
waec 2023

A reason a business is not able to keep full set of accounting records is that

Athe business does not make profit
Bdouble entry is expensive to maintain
Cthe business is not a trading concern
Ddouble entry shows the true profit
View Explanation & Discuss
Question 44
waec 2023

The source of funds available to a local government/district assembly includes

Acommon fund allocation
Bnone of the above
Cexcise duties
Droad tolls
View Explanation & Discuss
Question 45
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D
 Purchases  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales  195,000

 Salaries

  27,600

 Closing stock

  14,100


The net profit is

AD 21, 760
BD 18, 260
CD 21, 020
DD 21, 620
View Explanation & Discuss
Question 46
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D

 Purchases

  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales  195,000
 Salaries  27,600
 Closing stock  14,100


The gross profit

AD 39,360
BD 38, 620
CD 36,360
DD 39,220
View Explanation & Discuss
Question 47
waec 2023

Use the following information to answer the question

The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

 

   D 

 Purchases

  160,000
 Returns outwards  880
 Carriage inwards  740
 Returns inwards  620
 Sales   195,000
 Salaries  27,600
 Closing stock  14,100



The cost of goods available for sale is

AD 175,860
BD 175,380
CD 175, 120
DD 175,460
View Explanation & Discuss
Question 48
waec 2023

Use the following information to answer the question
 

   Le

 Capital (01/01/2020)

  1,934,600
 Capital (31/12/2020)  2,530,000

 Expenses

  346,900
 Drawings for 2020  72,500
 Additional capital for 2020  250,000


The net profit for 2020 is

ALe 522,900
BLe 417,900
CLe 595,400
DLe 72,000
View Explanation & Discuss
Question 49
waec 2023

Use the following information to answer the question
 

   Le

 Capital (01/01/2020)

 1,934,600
 Capital (31/12/2020)

 2,530,000
 Expenses 3 45,900
 Drawings for 2020

 72,500

 Additional capital for 2020

  250,000



The gross profit for the year is

ALe 763,800
BLe 595,400
CLe 417,900
DLe 167,900
View Explanation & Discuss
Question 50
waec 2023

Which of the following items is a tangible asset?

ACopyright
BMachinery
CGoodwill
DLease
View Explanation & Discuss
Question 51
waec 2023

Use the following information to answer the question

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is

AGH⊄ 1,120
BGH⊄ 1,920
CGH⊄ 700
DGH⊄ 800
View Explanation & Discuss
Question 52
waec 2023

Use the following information to answer the question

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.

The interest on drawings for Ant is

AGH⊄ 800
BGH⊄ 1,920
CGH⊄ 1,120
DGH⊄ 700
View Explanation & Discuss
Question 53
waec 2023

Reliability as a quality of accounting information means that accounting

Arules and guidelines are applied
Binformation is prepared based on evidence
Cinformation is comprehensive
Dreport is prepared promptly
View Explanation & Discuss
Question 54
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

   D

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000

 Electricity bill

  40,000

 Rent

 73,400
 Drawings

 28,600
 Insurance  12,800


The total expenses for the month is

AD 278,300
BD 323,500
CD 478,300
DD 154,800
View Explanation & Discuss
Question 55
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:

 

   D 

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000
 Electricity bill  40,000

 Rent

 73,400

 Drawings

 28,600
 Insurance  12,800


The balance brought down at the end of the month is

AD 278,300
BD 154,800
CD 478,300
DD 323,500
View Explanation & Discuss
Question 56
waec 2023

Use the following information to answer the question

The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

   D

 Balance b/f

  200,000
 Commission received  180,000
 Receipts from Ojah  98,000
 Electricity bill  40,000 

 Rent

  73,400
 Drawings  28,600
 Insurance  12,800



The total income for the month is

AD 278,000
BD 180,000
CD 154,800
DD 306,900
View Explanation & Discuss
Question 57
waec 2023

Memoradum branch account is prepared to determine

Agross profit
Bcredit sales
Cclosing stock
Dopening stock
View Explanation & Discuss
Question 58
waec 2023

Use the following information to answer the question

The health department of Banjul Local Government incurred the following expenditure in 2020:
 

   Le

 Construction of hospital wards

 200,000
 Purchase of hospital beds 20,000
 Purchase of stationeries 15,000
 Salaries and wages 60,000
 Purchase of drugs 50,000
 Purchase of x-ray machine 100,000


The recurrent expenditure for the year is

ALe 370,000
BLe 125,000
CLe 320,000
DLe 445,000
View Explanation & Discuss
Question 59
waec 2023

Use the following information to answer the question

The health department of Banjul Local Government incurred the following expenditure in 2020:
 

   Le

 Construction of hospital wards

 200,000

 Purchase of hospital beds

 20,000

 Purchase of stationeries

 15,000

 Salaries and wages

 60,000

 Purchase of drugs

 50,000

 Purchase of x-ray machine

 100,000



The capital expenditure for the year is

ALe 125,000
BLe 320,000
CLe 370,000
DLe 455,000
View Explanation & Discuss
Question 60
waec 2022

Items shown in the balance sheet as asset includes

Adebit balance on drawings account
Bdebit balance on a customer's account
Ccredit balance on the capital's account
Dcredit balance on a supplier's account
View Explanation & Discuss
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