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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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Question 51

waec 2024

Use the following information to answer this question.
GH¢
Trade creditors 1/1/2022 35,000
Payment to suppliers in 2022 30,000
Discounts received 1,800
Trade creditors 31/12/2022 24,000

The purchases for 2022 is

AGH¢ 90,800.

BGH¢ 55,800.

CGH¢ 39,200.

DGH¢ 20,800.

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Question 52

waec 2024

A debit balance of D 61,000 on a customer's bank statement means that

Athe customer's bank balance is D 61,000.

Bthe customer owes the bank D 61,000.

Ca customer's cheque of D 61,000 is yet to be cleared by the bank.

Da direct deposit of D 61,000 was made by a customer.

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Question 53

waec 2024

The objective of preparing a departmental account is to

Aascertain the cost of raw materials of each department.

Bascertain the profit of each department.

Cdetermine the value of unused stock of each department.

Dcalculate the stock turnover ratio of each department.

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Question 54

waec 2024

Use the following information to answer this question.
The margin for a business is 2/5 and the cost of sales is $ 120,000.

The sales value for the business is

A$216,000.

B$204,000.

C$ 200,000.

D$ 192,000.

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Question 55

waec 2024

Use the following information to answer this question.

The margin for a business is 2/5 and the cost of sales is $ 120,000.

The mark-up for the business is

A4/5

B3/5

C2/3

D1/5

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Question 56

waec 2024

An account in the real ledger is

Asales account.

Binsurance account

Cdiscount received account.

Dmachinery

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Question 57

waec 2024

Which of the following items will not be charged to the manufacturing account?

AWarehouse rent

BOpening work-in-progress

CDirect expenses

DCarriage on raw materials

View Explanation & Discuss

Question 58

waec 2024

Subscriptions classified in the balance sheet as a current asset is subscriptions

Ain advance.

Bin arrears.

Creceived or the year.

Dincome for the year.

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Question 59

waec 2024

An item is classified as a current asset if it is

A purchased for long-term use.

Bexpected to be realized within the balance sheet date.

Cfictitious in nature.

Dneither cash nor cash equivalent.

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Question 60

waec 2024

The concept that underlies the comparing of expenditure for a period with the revenue of same period is

Aaccrual concept.

Bmoney measurement concept.

Cmatching concept.

Ddual aspect concept.

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Question 61

waec 2024

Use the following information to answer this question

Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account.

Bayo will record this transaction on the

Adebit side of the sales lodger control account.

Bcredit side of the sales ledger control account.

Cdebit side of the purchases ledger control account.

Dcredit side of the purchases ledger control account.

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Question 62

waec 2024

Use the following information to answer this question

Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account.

Ayo will record this transaction on the

Adebit side of the sales ledger control account.

Bcredit side of the sales ledger control account

Cdebit side of the purchases ledger control account.

Dcredit side of the purchases ledger control account.

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Question 63

waec 2024

In an incomplete record, the excess of opening capital ove closing capital is

Aprovision.

Bloss.

Cprofit.

Dreserve.

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Question 64

waec 2024

Work-in-progress is an item in

Aincome and expenditure account.

Breceipts and payments account.

Cappropriation account.

Dmanufacturing account.

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Question 65

waec 2024

Expense incurred but not yet paid is

Along-term liability

Bcurrent liability.

Ccurrent asset.

Dcapital expenditure.

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Question 66

waec 2024

The class of shares which are available only to the promoters of a company are

Aordinary shares.

Bcumulative preference shares.

Cnon-cumulative preference shares

Ddeferred shares.

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Question 67

waec 2024

An item recorded in the trial balance is

Aopening stock.

Bclosing stock.

Caccrued expenses.

Ddepreciation charged for the year.

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Question 68

waec 2024

According lo the entity concept, ownership is

Avested or the board of directors.

Bvested on the management.

Cseparated from the business.

Dnot separated from the business

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Question 69

waec 2024

A sole trader received the sum of # 4,860 cash from a debtor. The effect of this transaction in the balance sheet is

Adecrease in stock and increase in debtor.

Bdecrease in asse and increase in liability.

Cincrease in cash and decrease in debtor.

Dincrease in cash and decrease in capital.

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Question 70

waec 2024

Use the following information to answer this question

Opening stock 6,000
Sales 180,000
Closing stock 4,200

Mark-up is 33$\frac{1}{3}$%

The gross profit is

ALe 60,000.

BLe 45,000.

CLe 44,400

DLe 33,750.

View Explanation & Discuss

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