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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

Question 1 of 20 1,611 total questions

Question 581

jamb 2004

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?

AN606

BN786

CN791

DN856

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Question 582

jamb 2004

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

AN20,000

BN60,000

CN80,000

DN120,000

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Question 583

jamb 2004

In a sales ledger, contra entry is found on the?

Adebit side of the debtors' control account

Bdebit side of the crebtors' control account

Ccreadit side of the debtors' control account

Dcreadit side of the credtors' control account

View Explanation & Discuss

Question 584

jamb 2004

Use the information below to answer questions 17 and 18.

Opening balance.............................N10,640
Purchases...................................N26,912
Returns inwards.............................N492
Returns outwards............................N810
Cash discount received......................N1,348
Cash discount allowed.......................N1,560
Cash paid to suppliers......................N20,808

At the year end, the purchases ledger showed a debit balance of N108.

The total on the debit side of the purchases ledger control account will be?

AN22,966

BN22,156

CN21,834

DN21054

View Explanation & Discuss

Question 585

jamb 2004

Opening balance 10,640
Purchases 26,912
Returns inwards 492
Returns outwards 810
Cash disc received 1,348
Cash disc allowed 1560
Cash paid to suppliers 20,808

At the end of the year, the purchase ledger showed a debit balance of N108

The balancing figure in the purchases ledger control account is?

AN15,828

BN15,720

CN14,940

DN14,694

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Question 586

jamb 2004

The balancing figure in the purchases ledger control account is?

AN15,828

BN15,720

CN14,940

DN14,694

View Explanation & Discuss

Question 587

jamb 2004

Where closing stock is undervalued, the effect is?

Aan increase in gross profit

Ba decrease in gross profit

Can increase in purchases

Da decrease in purchase

View Explanation & Discuss

Question 588

jamb 2004

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

AN345

BN750

CN1,380

DN1,500

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Question 589

jamb 2004

The balance on the provision for depreciation account is?

Aadded to fixed assets on the balance sheet

Bdeducted from the fixed assets on the balance sheet

Cdeducted from the profitand loss account

Dadded to current liabilities of the account

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Question 590

jamb 2004

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?

AN2,300

BN9,900

CN17,100

DN19,500

View Explanation & Discuss

Question 591

jamb 2004

The imprest account is subsidiary to the?

Aledger account

Bbank account

Ccash book

Dbank column

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Question 592

jamb 2004

The receipt whose name appears on a cheque is called a?

Apayer

Bdrawer

Cdrawee

Dpayee

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Question 593

jamb 2004

A debit in the suspense accounting will appear in the balance sheet as?

Aa current asset

Ba current lability

Ccapital

Ddrawings

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Question 594

jamb 2004

The rule of accounting equation requires that account payable should be placed under?

Aliabilities

Bequities

Cassets

Dcapital

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Question 595

jamb 2004

A source document is used for verifying the?

Aamount due to creditors

Bactual cost of an asset

Cselling price of goods

Damount due from debtors

View Explanation & Discuss

Question 596

jamb 2004

The loss of equipment in a fire disaster results in?

Aa decrease in current assets

Ban increase in liabiities and assets

Ca decrease in assets and capital

Dan increase in liabilities and a decrease in assets

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Question 597

jamb 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

Aconsistency

Bmateriality

Cobjectivity

Drealization

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Question 598

jamb 2003

What is the capital at start?

AN53 000

BN63 000

CN73 000

DN83 000

View Explanation & Discuss

Question 599

jamb 2003

Credit purchases are always put at 150% of the total cash paid to suppliers

Determine the credit purchases

AN13 500

BN15 500

CN13 400

DN12 000

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Question 600

jamb 2003

Credit purchases are always put at 150% of the total cash paid to suppliers

Calculate the closing balance of the ledger account

AN6 900

BN6400

CN5000

DN4000

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