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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.

96 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

96 questions
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Question 1 of 16 96 total questions
Question 41
jamb 2011
In a period of declining price, which of the following methods would result in higher profit?
AFIFO
BSimple average
CLIFO
DWeighted average
View Explanation & Discuss
Question 42
jamb 2011
The type of expense charged against administration of a firm is the?
Arepairs on building
Binteresr paid on loan
Cdiscount allowed
Dtax expense
View Explanation & Discuss
Question 43
jamb 2011
Use the information below to answer question

i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank

Find the current assets?
Aiii and v
Bii and i
Civ and v
Di and iv
View Explanation & Discuss
Question 44
jamb 2011
Use the information below to answer question

i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank

Determine the current liabilities?
Aiii and v
Bii and iii
Civ and v
Di and ii
View Explanation & Discuss
Question 45
jamb 2011
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
Abalance as per bank statement
Bbank balance as per adjusted cash book
Caggregate balance as per cash book
Dbank balance as per cash book
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Question 46
jamb 2011
The process of reconciling cheques between banks is termed cheque?
Aclearing
Btruncation
Cholding
Dconfirmation
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Question 47
jamb 2011
In bank reconciliation process, discrepancies cause by timing arises as a result of?
Acash book bank statement
Bbank statement only
Ccash book, bank statement and other incidental records
Dcash book only
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Question 48
jamb 2011
Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Calculate the cash discount?
AN60
BN90
CN40
DN100
View Explanation & Discuss
Question 49
jamb 2011
Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Find the total amount paid?
AN260
BN300
CN200
DN380
View Explanation & Discuss
Question 50
jamb 2011

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

Adebtors' account
Bcreditor's account
Csuspense account
Dledger account
View Explanation & Discuss
Question 51
jamb 2011
The major feature of a journal is that it has?
Asix columns, date, particulars, folio, amount, debit and credit
Bfive columns, date particulars, folio, debit and credit
Cthree columns, date particulars and folio
Dfour columns, date particulars, folio and amount
View Explanation & Discuss
Question 52
jamb 2011
Given:

Light expenses...................N400
Purchases........................N3,000
Sales............................N1,200
Creditors........................N2,250
Debtors..........................N50

Calculate the total of the trial balance?
AN4,250
BN3,500
CN4,300
DN3,450
View Explanation & Discuss
Question 53
jamb 2011
i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure

The correct procedure for balancing account is?
Aii, i and iii
Bi, iii and ii
Cii, iii and i
Di, ii and iii
View Explanation & Discuss
Question 54
jamb 2011
The principle of double entry system ensures?
Amathematical accuracy in trial balance
Bbalances at the bank
Cincrease in the assets and liabilities
Dbalance of cash account
View Explanation & Discuss
Question 55
jamb 2011
In a trial balance, income and liabilities are?
Adebited and credited respectively
Bcredited
Ccredited and debited respectively
Ddebited
View Explanation & Discuss
Question 56
jamb 2011
The historical development of accounting reveals that it?
Adeals with debit and credit of items
Bis a product of financial development
Cis a product of its own evironmnent
Dis an ideal subject for finacial development
View Explanation & Discuss
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