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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

Question 1 of 17 97 total questions

Question 41

jamb 2016

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A#2,400

B#3,000

C#9,800

D#1,400

View Explanation & Discuss

Question 42

jamb 2016

An organization which has records of only personal accounts is said to be operating on the basis of

Asingle entry

Breal accounts

Cnominal accounts

Ddouble entry

View Explanation & Discuss

Question 43

jamb 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A#10,500

B#13,500

C#13,890

D#9,500

View Explanation & Discuss

Question 44

jamb 2016

A receipt is an evidence of

Apayments

Bstocking

Cdelivery

Ddiscounts

View Explanation & Discuss

Question 45

jamb 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A#45,000

B#39, 000

C#35,000

D#46,000

View Explanation & Discuss

Question 46

jamb 2016

Which of the following condition would attract credit and debit notes to be used?

AWhen goods are received from supplier

BWhen a trial balance is extracted

CWhen a buyer is under or over charged

DWhen goods are sold to a buyer

View Explanation & Discuss

Question 47

jamb 2016

The effect of overstating revenue expenditure in the profit and loss account is that the

Aopening stock will be increased

Bnet profit will be understand

Cnet profit will be overstead

Dopening stock will be decreased

View Explanation & Discuss

Question 48

jamb 2016

Which of the following is the capital reserve of a company?

AAccumulated depreciation

BRetained profit

CShare premium

DLoss on forfeited shares

View Explanation & Discuss

Question 49

jamb 2016

The documents that provide instant information to firms on their tranactions with banks are

Abank statement and debit note

Bcheque book and cashbook

Ccheque stub and deposit slip

Dpayslip and credit invoice

View Explanation & Discuss

Question 50

jamb 2016

An item in the balance sheet of a limited liability company is

Aaccrued expenses

Blighting and heating

Csalaries and wages

Dgeneral expenses

View Explanation & Discuss

Question 51

jamb 2016

The instrument used in analysis and interpretation of financial statement is the

Aaccounting ratios

Bincome and expenditure extract

Cbalance sheet extract

Dfound accounting

View Explanation & Discuss

Question 52

jamb 2016

The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a

Areturn on capital employed

Bgross profit margin

Cnet profit margin

Dreturn on equity

View Explanation & Discuss

Question 53

jamb 2016

One of the objectives of accounting is that it can be used for

Abusiness decision making

Bdue process in business

Cmotivating employees

Ddetermining the work force

View Explanation & Discuss

Question 54

jamb 2016

Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2

The gross profit for K is

A# 60,700

B#23,500

C#60,500

D#82,500

View Explanation & Discuss

Question 55

jamb 2016

The major advantage of the journal proper is that it

Ahelps in the preparation of the balance sheet

Bprevents fraud and theft of item of the business

Cserves as a book of instruction to the bookkeeper

Dhelp the banking industry to be efficient

View Explanation & Discuss

Question 56

jamb 2016

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A#184, 000

B#196,500

C#212,000

D#168,500

View Explanation & Discuss

Question 57

jamb 2016

Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000

Determine the balance as per bank statement.

A# 1,978

B# 1962

C# 1,522

D# 2,522

View Explanation & Discuss

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