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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.

97 questions JAMB 1611 WAEC 1757 CUSTOM 2

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97 questions

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Question 41

jamb 1998

On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation with an estimates eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N8000. In recording this sales, it should reflect?

AN10,000 loss

BN2,000 loss

CN4,000 loss

DN8,000 gain

View Explanation & Discuss

Question 42

jamb 1998

A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?

AN22,400

BN32,000

CN51,200

DN76,800

View Explanation & Discuss

Question 43

jamb 1998

Sobande Incorporation acquired a machine that involved the following expenditures and related factors.

N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700

What is the initial accounting cost of the machine?

AN19,550

BN18,950

CN18,350

DN17,500

View Explanation & Discuss

Question 44

jamb 1998

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

Acash receipts journal

Bsales journal

Cgeneral journal

Dcash disbursement journal.

View Explanation & Discuss

Question 45

jamb 1998

State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?

Aan addition to balance per book

Ba deduction from balance per bank statement

Can addition to balance per bank statement

Da deduction from balance per books

View Explanation & Discuss

Question 46

jamb 1998

The amount required to replenish the payments made from the imprest was?

AN399

BN394

CN358

DN101

View Explanation & Discuss

Question 47

jamb 1998

Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.

What was the actual cash in the till as at 15th July?

AN106

BN101

CN70

DN36

View Explanation & Discuss

Question 48

jamb 1998

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

Acredit of the discounts received account

Bdebit of the discounts allowed account

Ccredit of the discounts allowed account

Ddebit of the discounts received account

View Explanation & Discuss

Question 49

jamb 1998

If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?

Aoverstate income this year and understate in next year

Bunderstate income this year and overstate in next year

Cunderstate this year's income with no effect on the next year's

Doverstate the income for the two-year period

View Explanation & Discuss

Question 50

jamb 1998

The purchase of two generators by Hassan Electronics Enterprises should be recorded as?

Aan acquistion of fixed assets

Ban expenses in its general office expenses account

Can acquistion of stock

Da part of capital in the capital account

View Explanation & Discuss

Question 51

jamb 1998

N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000

In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

AN147,910

BN138,500

CN88,500

DN85,800

View Explanation & Discuss

Question 52

jamb 1998

When a transaction causes an assets account to increase, there is?

Aa decrease of equal amount inthe owner's equity account

Ban increase in a liability account

Can increase of equal amonut in another assets account

Da decrease of equal amount in a liability account

View Explanation & Discuss

Question 53

jamb 1998

A business transaction is recorded in the books of account when the?

Aowner of the business invests his N10,000 in another company

Bbusiness retains part of ofits profits for future expansion purposes

Cbusiness invest applies for overdraft facilities from its bankers

Downer of the business collects N5,000 from the accountant

View Explanation & Discuss

Question 54

jamb 1998

An advantage of the use of the voucher system is that it?

Areduces the number of cheques that will be writen during any given period

Bprovides a highly flexible system for handling unusual transactions

Cprovides a comprehensive record of business done with particular suppliers

Densure that every expenditure is reviewed and verified before payment is made

View Explanation & Discuss

Question 55

jamb 1998

Responsibility accounting is particularly concerned with?

Ahistoical accounting

Bcontrollable costs

Cstorekeeping

Dvaluation of stock

View Explanation & Discuss

Question 56

jamb 1998

Cost reports for the intention of management should reflect?

Aas much details as possible

Bsummary figures only

Cdetails of non-controllable expenses

Dcost and comparable data useful in decision-making

View Explanation & Discuss

Question 57

jamb 1998

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

AIst September, 1960

BIst October, 1960

CIst October,1963

DIst , September,1965

View Explanation & Discuss

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