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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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Past Questions

95 questions
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Question 1 of 15 95 total questions
Question 41
jamb 2012
1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.

Using FIFO method, what would be the value of stock as at 9/5/07?
A#862.50
B#840.00
C#806.25
D#750.00
View Explanation & Discuss
Question 42
jamb 2012

Which of the following is an item of special assets?

AFixed assets
BCurrent assets
CTrademark
DGratuity
View Explanation & Discuss
Question 43
jamb 2012
At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.

The revenue to be added as an adjustment is
A#34,000
B#30,000
C#15,000
D#4,000
View Explanation & Discuss
Question 44
jamb 2012
At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.

Determine the adjusted net profit
A#210,000
B#202,000
C#195,000
D#184,000
View Explanation & Discuss
Question 45
jamb 2012
Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500

The adjusted cash book balance is
A#6,300
B#4,300
C#3,700
D#2,700
View Explanation & Discuss
Question 46
jamb 2012

In a modern day banking system, cash transfer cannot be made where the transferor

Ahas no sufficient cash with the bank
Bhas no account with the bank
Cdoes not reside in the bank's country
Ddoes not possess the domestic currency
View Explanation & Discuss
Question 47
jamb 2012

Cash can be drawn from the bank using

Aa bank teller
Ba credit card
Ca recharge card
DATM card
View Explanation & Discuss
Question 48
jamb 2012

In a three-column cash book, dishonored cheques will be shown on the

Abank column (debit)
Bbank column(credit)
Ccash column(debit)
Dcash column(credit)
View Explanation & Discuss
Question 49
jamb 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit

Apurchases #12,000 and credit Ibrahim #12,000
Bpurchases #12,000 and credit sugar account #12,000
CJide #12,000 and credit purchases
DIbrahim #12,000 and sugar account #12,000
View Explanation & Discuss
Question 50
jamb 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

Asugar account #12,000 and credit Jide #12,000
BJide #12,000 and credit sales account #12,000
CIbrahim #12,000 and credit Jide #12,000
Dsugar account #12,000 and credit Ibrahim #12,000
View Explanation & Discuss
Question 51
jamb 2012

Akirika bought a motor van for his business by cash. The entries are to debit

Amotor van and credit Akirika
Bsales and credit Akrika
Cmotor van and credit cash
Dcash and credit motor van
View Explanation & Discuss
Question 52
jamb 2012
The capital of a sole trader can be increased by
Adebiting the capital account
Bcrediting the capital account
Cdebiting the cash account
Dcrediting the cash account
View Explanation & Discuss
Question 53
jamb 2012
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
Acapital and debit liabilities
Bliabilities and credit assets
Cassets and credit capital
Dcapital and credit assets
View Explanation & Discuss
Question 54
jamb 2012

An accountant must not only be interested in record keeping but also in

Athe application of professional competency
Bthe accuracy of postings
Cthe casting of financial figures
Deffective preparation of balance sheet
View Explanation & Discuss
Question 55
jamb 2012

The basis upon which assets of an organization is valued is the

Ahistorical concept
Bbusiness entity concept
Cperiodicity concept
Dmateriality concept
View Explanation & Discuss
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