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
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Past Questions

3,370 questions
Question 1 of 20 3,370 total questions
Question 521
waec 2015

The accounting entry to correct sales day book overcast is?

ADebit sales account and credit debtors account
BDebit suspense account and credit sales account
CDebit debtors account and credit suspense account
DDebit sales account and credit suspense account
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Question 522
waec 2015

Which of the following accounts has a credit balance?

ACapital
BCash
CDrawings
DPremises
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Question 523
waec 2015

Discount received account is a

AReal account
BPersonal account
CNominal account
DProfit and loss account
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Question 524
waec 2015

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

ACredit sales account and debit cash account
BCredit plant and machinery account and debit Wilson's account
CCredit sales account and debit Wilson's Account
DCredit plant and machinery account and debit cash account
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Question 525
waec 2015

Which of the following is not a book of original entry?

ASales journal
BPurchases account
CCash account
DReturn inwards journal
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Question 526
waec 2015

The accounting ledger for goods sold on credit are debit

Adebtors account, credit sales account
Bcreditors account, credit sales account
Csales account, credit debtors account
Dsales account, credit creditors account
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Question 527
waec 2015

Which of the following is not a real account?

APlant account
BSalaries account
CCreditors account
DTrading account
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Question 528
waec 2015

Goods returned to a supplier is

ADebited to returns outward account
BCredited to returns outwards account
CDebited to returns inwards account
DCredited to returns inwards account
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Question 529
waec 2015

Assets acquired is recorded by debiting _______?

AAsset Account, Crediting Cash Account
BCash Account, Crediting Asset Account
CPurchase of Business Account, Crediting Sale of Business Account
DAsset Account, Crediting Purchase of Business Account
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Question 530
waec 2015

Purchase invoice is first entered in the

APurchases Account
BCash Book
CSales Journal
DPurchases Journal
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Question 531
waec 2015

Which of the following is the equation for determining net profit or loss from the records of a firm?

AClosing Capital - Drawings - Capital Introduced
BOpening Capital + Drawings - Closing Capital
CClosing Capital + Opening Capital - Drawings
DClosing Capital + Drawings - Opening Capital
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Question 532
waec 2015

Which of the following is not a feature of accounting information?

AAffordability
BTimeliness
CAccuracy
DCompleteness
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Question 533
waec 2015

Which of the following describes a trial balance?

AIt is a special account
BIt is a list of balances in the books
CIt reveals the financial position of a business
DIt shows all the entries in the books of a business
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Question 534
jamb 2015
The purpose of a trading account is to ascertain
Asales
Bcarriage outwards
Cgross profit or loss
Dnet profit or loss
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Question 535
jamb 2015
The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is
Aperiodicity
Bbusiness entity
Cdual aspect
Dgoing concern
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Question 536
jamb 2015
Which of the following is not a feature of accounting information?
Atimeliness
Baccuracy
Ccompleteness
Daffordability
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Question 537
jamb 2015
Capital reserves includes the following except
Arevaluation surplus
Bpre-incoporation profit
Cshare premium
Dgeneral reserves
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Question 538
jamb 2015
Income and expenditure account is more detailed than receipts and payments account because it disclosed
Acash
Bcheques
Cdebtors
Dstocks
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Question 539
jamb 2015
Use the information below to answer this question.

Jejelaye Plc stock records for 2009 was given below:

Jan 1 received 100 units at N1.00

Jan 8 received 260 units at N1.05

Jan 20 issued 700units at .........

Feb 3 received 400 units at N1.15

What will be the issued price of 700 units, using simple average method
AN1.183
BN1.025
CN1.00
DN1.05
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Question 540
jamb 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

AN7950
BN8050
CN7050
DN8950
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