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Accounting Past Questions

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1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

1,757 questions
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Question 1 of 20 1,757 total questions
Question 491
waec 2004
An expense is said to be revenue in nature if it
Aadds or contributes to the operating income of the business
Breduces the capital of the business
Cnecessitates the introduction of additional capital
Dadds to or mproves the value of fixed assets
View Explanation & Discuss
Question 492
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is
AN8,450
BN6,050
CN5,600
DN2,850
View Explanation & Discuss
Question 493
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is
AN4,500
BN1,350
CN450
DN400
View Explanation & Discuss
Question 494
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
AN6,900
BN5,900
CN4,500
DN3,500
View Explanation & Discuss
Question 495
waec 2004
A unit of company's capital which can be bought is
Ashares
Binterest
Casset
Dproperty
View Explanation & Discuss
Question 496
waec 2004
The price paid by an acquiring company is
Aconversion fee
Bpremium
Csales consideration
Dpurchases consideration
View Explanation & Discuss
Question 497
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is
AN1,175,000
BN1,140,000
CN1,075,000
DN1,060,000
View Explanation & Discuss
Question 498
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is
AN1,175,000
BN1,140,000
C1,075,000
DN1,060,000
View Explanation & Discuss
Question 499
waec 2004
Use the following information to answer the given question
\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Total overhead cost is
AN105,000
BN95,000
CN50,000
DN15,000
View Explanation & Discuss
Question 500
waec 2004
When both debit and credit entries in respect of a transaction are made in the same ledger account, this is
Aa ledger entry
Ban accounting entry
Ca folio entry
Da contra entry
View Explanation & Discuss
Question 501
waec 2004
The class of shareholders who are paid last in the event of wedding-up are
Aordinary
Bpreference
Cfounder
Dtreasury
View Explanation & Discuss
Question 502
waec 2004
A class of preference shares in which dividend rights are carried forward is
Acumulative
Bparticipating
Credeemable
Dfloating-rate
View Explanation & Discuss
Question 503
waec 2004
The excess of current assets over current liabilities is
Aworking capital
Bpreference capital
Cloan capital
Dfounder's capital
View Explanation & Discuss
Question 504
waec 2004
Goodwill is taken into account in partnership when
Athe business has good customer relations
Bthe business is making huge profit
Ca new partner is admitted
Da parner becomes dormant
View Explanation & Discuss
Question 505
waec 2004

When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

Adebit profit and loss appropristion account, credit current Account
BDebit profit and loss appropriation account, credit capital account
Cdebit current account, credit caapital account
Ddebit profit and loss account, credit current account
View Explanation & Discuss
Question 506
waec 2004
When discount is allowed, the accounting entry is debit Discount allowed and credit
Asuspense account
Bexpense account
Cdebtors account
Dcreditors account
View Explanation & Discuss
Question 507
waec 2004
Which of the following is not correct?
Acredit sales are entered on debit side of the customers personal account
Bcredit purchases are entered on the debit side of the supplier's personal account
Creturn inward are entered on the credit side of the customer's personal account
Dreturns outwards are entered in on the debit side of the supplier's account
View Explanation & Discuss
Question 508
waec 2004
Which of the following is not a debit item in the partnership profit and loss appropriation account?
Ainterest on partners drawings
Bparners salaries
Cinterest on partners capital
Dshare of profit
View Explanation & Discuss
Question 509
waec 2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is
AN3,850
BN2,900
CN2,300
DN2,000
View Explanation & Discuss
Question 510
waec 2004
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
Gross profit is
AN1,850
BN1,250
CN950
DN650
View Explanation & Discuss
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