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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.

95 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Question 41

jamb 2000

The simplest form of single entry procedure consists fo keeping a?

Aday book or general journal

Bcash book and ledger accounts showing debtors and creditors balances

Ccash journal, sales journal and purchases journal

Dday book in which transactions are described in chronological order

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Question 42

jamb 2000

Given:
Sales Ledger Control Account (Extracts)

Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890

Determine the sales returns?

AN24,577

BN13,877

CN7,067

DN2,890

View Explanation & Discuss

Question 43

jamb 2000

In a manufacturing company, the total cost of goods produced is equivalent to?

Apurchases

Bsales

Ccost of goods sold

Dcost of materials used

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Question 44

jamb 2000

An expenses account is closed by a debit to?

Aan asset account and a credit to the expenses account

Bthe expenses account and a credit to an asset account

Cprofit and loss account and a creit to the expenses account

Dthe expenses account and a credit to profit and loss account

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Question 45

jamb 2000

Which of the following errors will affect the trial balance total?

Aposting disscount allowed to the debit side of the discount allowed account

Bomision of one account from the list when extracting from the ledger

Cfailure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger

Domission of sales of N3,000 and purchases of N2,000

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Question 46

jamb 2000

A general journal contains?

Adate, narration, folio, debit, and purchases

Bdate, narration, folio, debit and purchase

Cfolio, credit, date, debit and sales

Ddebit, credit, narration, and date

View Explanation & Discuss

Question 47

jamb 2000

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?

Afour column

Bthree column

Csingle column

Dtwo column

View Explanation & Discuss

Question 48

jamb 2000

A source document that aids the ascertainment of amount paid out of current account is the?

Ateller

Bcheque stub

Ccheque

Dteller stub

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Question 49

jamb 2000

Which of the following is an example of intangible assets?

Atrade debtors

Bstock of goods

Ctrade creditors

Dmotor vehicles

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Question 50

jamb 2000

The main objective of bookkeeping is to record economic?

Atransactions systematically for routine managerial decision-making

Bevents clearly to ensure adequate checks and balances

Cevents clearly to facilitate strategic managerial desicion-making

Dtransaction systematically to ascertain the financial position of a business

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Question 51

jamb 2000

what is the gross profit margin?

AN100%

BN50%

CN40%

DN30%

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Question 52

jamb 2000

Use the information below to answer question 4 and 5.

Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500

Calculate the net profit?

AN12,500

BN10,000

CN8,000

DN7,500

View Explanation & Discuss

Question 53

jamb 2000

In order to make the cash book balance equal to the bank statement, it is usual to add?

Auncredited cheques

Bdirect payments by bank

Cbank charges

Dunpresented cheques

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Question 54

jamb 2000

To write off bad debt, debt?

Adebtor's account and credit provision for bad debt

Bbad debt account and credit debtor's account

Cdebtor's account credit bad debt

Dprovision for bad debt account and credit debtor's account

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Question 55

jamb 2000

On November 1, 1998, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchases goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted a N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

AN32,500

BN32,000

CN31,000

DN29,500

View Explanation & Discuss

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