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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.

99 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

99 questions
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Question 1 of 19 99 total questions
Question 41
jamb 2017
\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)

Determine the amount of goodwill
A₦110 000
B₦ 80 000
C₦ 90 000
D₦ 30 000
View Explanation & Discuss
Question 42
jamb 2017
Salaries in arrears is treated in the balance sheet as a
Acurrent asset
Bcurrent liability
Cfixed asset
Dlong term liability
View Explanation & Discuss
Question 43
jamb 2017
\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)

Determine the net profit
A₦4,000
B₦4,500
C₦5,000
D₦1,400
View Explanation & Discuss
Question 44
jamb 2017
one of the options below is not the source of income for non- profit organization
AEntrance fees
Bsubscription/dues
Codrinary shares
DDonations
View Explanation & Discuss
Question 45
jamb 2017
The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year
Aprovisional general warrant
Bannual general warrant
CReserved expenditure warrant
Dcontigencies
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Question 46
jamb 2017
Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase
AI,II and IV
BI & III
CI,II and III
DI, III and IV
View Explanation & Discuss
Question 47
jamb 2017
Processed data is only useful to user if it is
Acomplex
Bquantitative
Crelevant
Dqualitative
View Explanation & Discuss
Question 48
jamb 2017
What is the main purpose of transaction file?
ATo record assets and liabilities
BTo update income and expenses
Cto update master files
Dto make organization decision
View Explanation & Discuss
Question 49
jamb 2017
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
Aoriginal entry
Bcontra entry
Cprime entry
Dcontract entry
View Explanation & Discuss
Question 50
jamb 2017
Which of these is the subsidiary book for return inwards?
ASales day book
BSales return journal
CPurchases day journal
DCash book
View Explanation & Discuss
Question 51
jamb 2017
In the period of rising prices, which method of stock valuation is most appropriate?
ALast in First Out
Bweighted average
CFirst in First Out
DSimple average
View Explanation & Discuss
Question 52
jamb 2017

Which fund is used to meet unforeseen or urgent expenditure

AGeneral reserve fund
BConsolidated Reserve Fund
Ccontingencies fund
Dspecial fund
View Explanation & Discuss
Question 53
jamb 2017
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)

If the gross profit is N5 000, what is the net profit?
A₦4,350
B₦6,000
C₦5,150
D₦4,000
View Explanation & Discuss
Question 54
jamb 2017
You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except
AUnpresented
BDividend
CUncredited cheque
Dcredit transfer
View Explanation & Discuss
Question 55
jamb 2017
Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes
AI,II and III only
BI and II only
CIII and IV only
DI, III and IV only
View Explanation & Discuss
Question 56
jamb 2017
In manufacturing account, depreciation of office machine is charged to
Atrading account
Bappropriation account
Cbalance street
Dprofit and loss account
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Question 57
jamb 2017
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
Atrading account
Bappropriation account
Cbalance sheet
Dprofit and loss account
View Explanation & Discuss
Question 58
jamb 2017
Capital for a profit making organization is generated through
ASubscription
Bshares
Cdonation
Dgift
View Explanation & Discuss
Question 59
jamb 2017
Which of these accounts is dissolution expenses credited?
Apartners capital account
Brevaluation account
Cpartners current account
DRealization account
View Explanation & Discuss
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