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.
Sale of goods for N600 to Ade was not posted, This is an error of
Aomission
Bcommission
Cprinciple
Dcompensation
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Question 562
waec2001
Which of the following is a capital expenditure?
Asalaries and wages
Bstationery
Crepairs of motor vehicle
Dpurchase of furniture
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Question 563
waec2001
Which of the following is not an intangible asset?
ALiancence
Bpatents
Ctrademarks
Dfixtures
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Question 564
waec2001
The expenditure on a good or service which is consumed either immediately or within a current accounting government?
Aannual expenditure
Bbudgetary expenditure
Ccapital expenditure
Drecurrent expenditure
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Question 565
waec2001
Which of the government serves as an input, storage and output device of a computer?
Adiskette
Bkeyboard
Cmonitr
Dprinter
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Question 566
waec2001
Which of the following serve as the main Government Fund used to service all operations of the government?
AGeneral fund
Bconsolidated revenue fund
Cconsolidated reserve fund
Dspecial fund
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Question 567
waec2001
The Chief accounting officer of the federation is
AMinister of Finance
BAuditor General
CAccountant general
Dchief accountant
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Question 568
waec2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Gross profit is
AN70,000
BN60,000
CN50,000
DN40,000
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Question 569
waec2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Acid test ratio is
A1.8 : 1
B1.7 : 1
C1,5 : 1
D1.2 : 1
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Question 570
waec2001
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ purchases & 140,000 \\ \text{Closing Stock} & 10,000 \\ Expenses & 10,000\\ Bank & 10,000 \\ Capital & 85,000 \\ Creditors & 35,000 \\ Debtors & 50,000 \\ \text{Fixtures and fittings, cost} & 10,000 \\ \text{Freehold land and building} & 70,000 \\ Drawings & 10,000\end{array}\)
Percentage of net profit to sales is
A40%
B30%
C20%
D10%
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Question 571
waec2001
Which of the following are correct about a limited liability company? i. Members have power to bind the company ii. Perpetual succession iii. Certificate of incorporation iv. Wound-up on death of a share holder
Aii and iii only
Bi and iv only
Cii and iv ony
Di and iii only
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Question 572
waec2001
Issue of prospectus is an invitation to members of the public to
Asubscribe for shares
Bregister a company
Credeem shares
Dliquidate a company
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Question 573
waec2001
An agreement made by partners to regulate and govern their business activities is known as
Apartnership Act
BPartnership Deed
Cpartnership code
DMemorandum
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Question 574
waec2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is the closing balance in Ali's Current Account?
AN1,600,000 Cr.
BN500,000 Cr.
CN500,000 Dr
DN1,600,000Dr
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Question 575
waec2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Ali's share of profit?
AN1,650,000
BN1,600,000
CN1,280,000
DN1,100,000
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Question 576
waec2001
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows:
\(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\)
What is Baba's share of profit?
AN1,650,000
BN1,600,000
CN1,280,000
DN1,100,000
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Question 577
waec2001
Profits are recognised when goods are sold. What concept is this
Arealization
Bmatching
Cperiodicity
Dgoing concern
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Question 578
waec2001
"The Accountant thinks the investment in the books are worthless". This is
Aconsistency concept
Bobjectivity concept
Cconservatism concept
Dmoney measurement concept
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Question 579
waec2001
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the profit or loss on the disposal asset?
AN4,000 profit
BN2,000 profit
CN2,000 loss
DN2,000 loss
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Question 580
waec2001
Jeng Limited disposed a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight line method. What is the correct entry for the sale of the asset in the Asset Account and Disposal of Asset Account? Debit
AFixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
BDisposal of Asset Account N4,000, credit fixed Access Account N4,000
CDisposal of Asset Account N2,000, credit Fixed Asset account N2,000
DFixed Asset Account N2,000, credit Disposal of Assets Account 2000
