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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.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

3,370 questions
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Question 1 of 20 3,370 total questions
Question 581
waec 2014

Net turnover is referred to as

Apurchases
Bassets
Csales
Dprofits
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Question 582
waec 2014

The accounting treatment for a dishonored cheque is; debit

Acustomer's account; credit bank account
Bbank account; credit customer's account
Ccustomer's account; credit sales account
Dsales account; credit customer account
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Question 583
waec 2014

Which of the following subsidiary books involves cash movements?

Asales day book
Bpurchases day book
Creturns inwards book
Dpetty cash book
View Explanation & Discuss
Question 584
waec 2014

An example of a credit entry in a profit and loss account is

Acarriage inwards
Bcarriage outwards
Cdiscounts allowed
Ddiscounts received
View Explanation & Discuss
Question 585
waec 2014

In the operation of an imprest of petty cash, the

Apetty cashier pays all expenses
Bpetty cashier pays money to the accountant
Cpetty cashier regularly begins each period with the same amount of money
Dmain cashier accounts to the petty cashier for some experiences made by him
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Question 586
waec 2014

A book that contains individual accounts of suppliers is the

Apurchase ledger
Bgeneral ledger
Cnominal ledger
Dsales ledger
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Question 587
waec 2014

The source document used to make entries in the purchase day book is

Adebt note
Bcredit note
Cinvoice
Dreceipt
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Question 588
jamb 2014
What is the balance carried down?
AN11,680
BN11,930
CN12,330
DN13,430
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Question 589
jamb 2014
What is the total income for the period?
AN13,890
BN13,500
CN10,500
DN9,500
View Explanation & Discuss
Question 590
jamb 2014
Determine the closing stock.
AN30,000
BN40,000
CN50,000
DN60,000
View Explanation & Discuss
Question 591
jamb 2014
The formula for calculating depreciation using straight line method is
A\( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
B\( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
C\( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
D\( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)
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Question 592
jamb 2014
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
Avirement
Bfund accounting
Cconsolidated fund
Dfinancial regulation
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Question 593
jamb 2014
The account of government into which all monies are received and from which all expenditures are disbursed is the
AFederation account
BPetroleum Technology Development Fund
CCentral Bank Account
DDevelopment fund
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Question 594
jamb 2014
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is
A#675,000
B#975,000
C#1,350,000
D#1,950,000
View Explanation & Discuss
Question 595
jamb 2014
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment
A#224,950
B#225,000
C#324,950
D#325,000
View Explanation & Discuss
Question 596
jamb 2014
#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to
Acredit #1,600,000
Bdebit #1,600,000
Ccredit #1,600,000
Ddebit #800,000
View Explanation & Discuss
Question 597
jamb 2014
The details of the share capital which a company is authorized to issue is contained in the
AArticles of Association
BCompanies and Allied Matters Act
CMemorandum of Association
DShare capitak certificate
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Question 598
jamb 2014
Payment for shares in excess of amount offered gives rise to
Asubscription in advance
Brevenue reserves
Ccapital reserves
Dcalls-in-advance
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Question 599
jamb 2014
The expenses incurred in purchasing a vehicle is a
Arevenue expenditure
Bcapital expenditure
Crecurrent expenditure
Dconcurrent expenditure
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Question 600
jamb 2014
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
Arealization account
Bsavings account
Cshare capital account
Dcapital account
View Explanation & Discuss
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