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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.

1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

1,757 questions
All JAMB WAEC CUSTOM
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Question 1 of 20 1,757 total questions
Question 581
waec 2001
Suppliers personal accounts are found in the
Apurchases ledger
Bsales account
Cpurchases account
Dsales ledger
View Explanation & Discuss
Question 582
waec 2001
In which ledger is the control account prepared?
ANominal ledger
Bgeneral ledger
Csales ledger
Dpurchases account
View Explanation & Discuss
Question 583
waec 2001
A subsidiary record is a book
Aof ordinary entry
Bcontaining the ledgers
Cfound in the journal
Dcontaining the balance sheet
View Explanation & Discuss
Question 584
waec 2001
Which of the following is a fictitious asset?
Aoverdraftt
Bcash in hand
Creserves
Dpreliminary expenses
View Explanation & Discuss
Question 585
waec 2001
Which of the following explains the short term solvency of a company?
Aacid test ratio
Bdebtor to equity ratio
Cnet profit margin ratio
Dgross profit margin ratio
View Explanation & Discuss
Question 586
waec 2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
AN4,000
BN3,728
CN3,483
DN1,842
View Explanation & Discuss
Question 587
waec 2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
AN765
BN585
CN538
DN437
View Explanation & Discuss
Question 588
waec 2001
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
AN765
BN585
CN536
DN517
View Explanation & Discuss
Question 589
waec 2001
Prime cost consist of
Adirect material and direct labour cost
Bdirect material, direct labour and direct expenses
Cdirect material, direct labour, direct expenses overhead
Ddirect material and direct expenses
View Explanation & Discuss
Question 590
waec 2001
Which of the following is not an example of a fictitious asset?
ARaw materials stock
Bdebit balance of profit and loss account
Cpreliminary expenses f a limited company
Dexpenditure on incorporation carried forward
View Explanation & Discuss
Question 591
waec 2001
Which of the following has a debit balance at the end of the year?
Arates prepaid account
Bbank loan account
Cincome received in advance account
Dordinary share capital account
View Explanation & Discuss
Question 592
waec 2001
The amount by which assets exceed specific liabilities is called
Areserve
Bprovision
Cpremium
Dbonus
View Explanation & Discuss
Question 593
waec 2001
The income accruing to debenture holders is called
Adividend
Bnet profit
Cshares
Dinterest
View Explanation & Discuss
Question 594
waec 2000
The document which authorizes the Minister of Finance to release fund for government expenditure is
Aa warrant
Ba bank cheque
Can order
Da vote book
View Explanation & Discuss
Question 595
waec 2000
A reserve is an amount
Ato be paid to creditors
Bset out of profit for future use
Cfor paying dividends
Drecovered from debts earlier written off
View Explanation & Discuss
Question 596
waec 2000
Which of the following is used in locating errors in the ledger?
Atrading account
Btrial balance
Ccontrol account
Djournal proper
View Explanation & Discuss
Question 597
waec 2000
The capital of not-for profit making organization is
Acapital reserve fund
Baccumulated fund
Cendowment fund
Ddevelopment fund
View Explanation & Discuss
Question 598
waec 2000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net sales is
AN15,000
BN14,750
CN14,600
DN14,450
View Explanation & Discuss
Question 599
waec 2000

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net profit is

AN9,100
BN7,850
CN7,750
DN6,500
View Explanation & Discuss
Question 600
waec 2000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is
AN10,350
BN10,200
Cn9,500
DN9,100
View Explanation & Discuss
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