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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Past Questions

3,370 questions
Question 1 of 20 3,370 total questions
Question 501
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 502
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 503
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
Question 504
waec 2015

The quality of output information depends on the

AQuality of input data
BTime of processing
CSpeed of processing
DQuantity of output service
View Explanation & Discuss
Question 505
waec 2015

Which of the following is a spreadsheet application?

AExcel
BWord
CInternet
DWindows
View Explanation & Discuss
Question 506
waec 2015

Which of the following is found on the credit side of a partnership's appropriation of profit account?

AInterest on capital
BInterest on drawings
CShare of profit
DDrawings
View Explanation & Discuss
Question 507
waec 2015

Which of the following relates to cash basis of accounting?

AAccruals and prepayments are considered
BDebtors and creditors are recorded
CFixed assets are written off in the year of purchase
DProfits are maximized
View Explanation & Discuss
Question 508
waec 2015

The instrument used to release fund which the minister of finance has earlier withheld is

AReserve expenditure warrant
BSupplementary general warrant
CProvisional general warrant
DSupplementary statutory warrant
View Explanation & Discuss
Question 509
waec 2015

Which of the following is a source of revenue for a local government?

APersonal income tax
BCompany registration fees
CRoyalties
DMarket tolls
View Explanation & Discuss
Question 510
waec 2015

Goods stolen at the branch is debited to

ADefalcations account
BBranch stock account
CBranch adjustment account
DBranch debtors account
View Explanation & Discuss
Question 511
waec 2015
Which of the following expenses is allocated according to the floor area?
AWages and Salaries
BRent and Rates
CCanteen Expenses
DDiscount allowed
View Explanation & Discuss
Question 512
waec 2015

A person who has applied to purchase shares in a company is referred to as ?

AA promoter
BA subscriber
CAn allottee
DAn underwriter
View Explanation & Discuss
Question 513
waec 2015

The document which sets out the internal arrangement for the proper management of a company is the

AProspectus
BArticle of association
CMemorandum of association
DCertificate of incorporation
View Explanation & Discuss
Question 514
waec 2015

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

The double entry to record the good will in the books is debit

ACash account and credit goodwill account
BGoodwill account and credit purchase of business account
CGoodwill account and credit cash account
DPurchase of business account and credit cash account
View Explanation & Discuss
Question 515
waec 2015

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

How much was paid for goodwill?

AGH¢ 350,000
BGH¢ 260,000
CGH¢ 90,000
DGH¢ 60,000
View Explanation & Discuss
Question 516
waec 2015
Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Bola's share of profit is
AN4,500
BN4,250
CN3,000
DN2,750
View Explanation & Discuss
Question 517
waec 2015
Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Ade's share of profit is
AN5,500
BN4,250
CN2,750
DN1,250
View Explanation & Discuss
Question 518
waec 2015

In which of the following accounts is interest on partners capital found?

AProfit and Loss
BTrading
CIncome surplus
DProfit and Loss appropriation
View Explanation & Discuss
Question 519
waec 2015

In which of the following is not stated in the partnership agreement?

AProfit sharing ratio
BInterest on capital
CInterest on fixed asset
DPurpose of partnership
View Explanation & Discuss
Question 520
waec 2015

Goodwill is recognized in partnership accounts when

AThe business makes a huge profit
BThe business has good customer relationship
CA partner is dormant
DA new partner is admitted
View Explanation & Discuss
Question Navigator
Current
MathsFaculty