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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.

1,611 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

1,611 questions
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Question 1 of 20 1,611 total questions
Question 551
jamb 2005
Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

What is the cost of manufactured goods?
AN49 125
BN48 750
CN37 625
DN35 250
View Explanation & Discuss
Question 552
jamb 2005
Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

The cost of raw materials consumed is?
AN17 250
BN15 750
CN15 000
DN14 250
View Explanation & Discuss
Question 553
jamb 2005
Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

Calculate the prime cost?
AN50 000
BN68 000
CN70 000
DN75 000
View Explanation & Discuss
Question 554
jamb 2005
Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

What is the cost of goods manufactured?
AN117 000
BN104 000
CN97 000
DN93 000
View Explanation & Discuss
Question 555
jamb 2005
A component of an overhead manufacturing cost is?
Acost of work-in-progress
Bcost of finished goods
Clabour
Drent
View Explanation & Discuss
Question 556
jamb 2005
Use the information below to answer questions 25 and26.

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

They company's net current assets amount to?
AN5 780
BN5 70
CN6 580
DN7 930
View Explanation & Discuss
Question 557
jamb 2005

Use the information below to answer questions

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

The capital of the company stands at?

AN12 240
BN12 115
CN2 510
DN2 150
View Explanation & Discuss
Question 558
jamb 2005
If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?
AN22 320
BN17 200
CN12 080
D5 120
View Explanation & Discuss
Question 559
jamb 2005
Which of the following item is found on the credit side of the sales ledger control account?
ADiscount received
BDishonoured cheques
CCredit sals
DBills receivable
View Explanation & Discuss
Question 560
jamb 2005
Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400

The balance of the purchases ledger control account is?
AN10390
BN9990
CN9590
DN9010
View Explanation & Discuss
Question 561
jamb 2005
The item that are contained in the bought ledger control account are?
Adiscount allowed, bad debts and purchases
Bdishonoured cheques, returns inwards and sales
Creturns outwards, bad debts outewards and sales
Ddiscount received, returns outwards and purchases
View Explanation & Discuss
Question 562
jamb 2005
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The net book value of the piece of equipment at the time of sale was?
AN96 000
BN48 000
CN36 000
DN24 000
View Explanation & Discuss
Question 563
jamb 2005
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The accumulated depreciation provision at the time of sale was?
AN12 000
BN60 000
CN72 000
DN84 000
View Explanation & Discuss
Question 564
jamb 2005
Goods withdraw from business for private use are credited to?
Adrawings
Bpurchases
Csales
Dcapital
View Explanation & Discuss
Question 565
jamb 2005
Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000

The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
AN800
BN1000
CN1800
DN2000
View Explanation & Discuss
Question 566
jamb 2005
A rent received by a trader for sub-letting part of his business premises should be added to the?
Agross profit
Btotal profit
Cnet profit
Dtotal revenue
View Explanation & Discuss
Question 567
jamb 2005
In a three-column cash book,the discount allowed is shown on the?
Adebit side
Bcredit side
Cfolio column
Dmemorandum column
View Explanation & Discuss
Question 568
jamb 2005
five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

What was the balance of cash with the petty cashier ata the end of period 1?
AN50
BN200
CN300
DN450
View Explanation & Discuss
Question 569
jamb 2005
five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

How much should the petty cashier receive after period 2?
AN150
BN250
CN350
DN500
View Explanation & Discuss
Question 570
jamb 2005
Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?
ACredit balance of N 200,000
BDebit balance of N 200,000
Ccredit balance of N 3 200,000
DDebit balance of N3 200,000
View Explanation & Discuss
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