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.
The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is
Aconsistency
Bcost
Caccrual
Dconservatism
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Question 502
waec2004
a decrease in the provision for doubtful debts result in
Aan increase in net profit
Ba decrease in gross profit
Can increase in gross profit
Da decrease in net profit
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Question 503
waec2004
The balance on the sales ledger control Account at the end if the accounting year represents total
Atrade debtors at the end of the year
Bcash sales for the year
Ccredit sales for the year
Damount transferred from the sales day book
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Question 504
waec2004
Net debtors is
Adebtors less provision for bad debts
Bdebtors plus provision for bad debts
Cdebtors less prepayments
Ddebtors plus prepaments
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Question 505
waec2004
Which of the following is correct about cost of goods sold?
Aopening stock + purchases - closing stock
Bopening stock + sales + closing stock
Copenig stock - purchases - closing stock
Dopening stock + sales + closing stock
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Question 506
waec2004
The amount set aside out of profit for a specific purpose is
Aprovision
Breserve
Cdepreciation
Ddepletion
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Question 507
waec2004
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
Acapitalization
Bdepreciation
Cdepletion
Damortization
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Question 508
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to
AN229,800
BN121,560
CN85,305
DN22,935
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Question 509
waec2004
Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to
AN4,000
BN3,200
CN3,000
DN2,800
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Question 510
waec2004
The total of the purchases day book is posted to the purchases account in the
Ageneral ledger
Bpurchases journal
Cprivate ledger
Dpurchases ledger
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Question 511
waec2004
Which of the following items is not shown in the Trial Balance
Aclosng stock value
Bopening stock balance
Copening dentors balance
Dclosing asset value
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Question 512
waec2004
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
Asuspense Account
Btrading account
Ccontrol account
Dprofit and loss account
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Question 513
waec2004
Which of the following is not a source document?
Acredit note
Binvoice
Cdebit note
Dbank note
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Question 514
waec2004
Rent receivable account is an example of
Annorminal account
Breal account
Cpersonal account
Dprivate account
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Question 515
waec2004
Which of the following is both a subsidiary book and a ledger?
Asales journal
Bpurchases journal
Creturns inward book
Dcash book
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Question 516
waec2004
Which of the following is used to record the purchase of fixed asset on credit?
Asales journal
Bjournal proper
Cpurchases journal
Dcash book
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Question 517
waec2004
The principle entry book-keeping states that every
Aevery debit entry must have a corresponding credit entry
Bdebtor must have a creditor
Cdouble debit must must have a double credit entry
Daccount debited should also be credited
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Question 518
waec2004
The sales day Book is used to record
Acash and credit sales
Bcredit sales
Ccash sales
Dsales to middleman
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Question 519
waec2003
Rent Payable Account is an example of a
Anorminal account
Breal account
Cpersonal account
Dprivate account
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Question 520
waec2003
The art of recording transactions in books of account is known as
