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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 621
waec 2013

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

Amateriality conccept
Bmatching concept
Cconstitiency concept
Drealization concept
View Explanation & Discuss
Question 622
waec 2013

Which of the following accounts has credit balance?

Areturn inwards account
Bmachinery account
Csales account
Dcash account
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Question 623
waec 2013

The minimum number of persons required to form a partnership business is

A2
B3
C5
D10
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Question 624
waec 2013
Cash receipts and payments involving discounts are entered in
Athree-column cash book
Btwo-column cash book
Canalytical cash book
Dpetty cash book
View Explanation & Discuss
Question 625
waec 2013

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is

AD42,795
BD41,865
CD41,580
DD39,720
View Explanation & Discuss
Question 626
waec 2013

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is

AD32,880
BD32,780
CD32,460
DD31,960
View Explanation & Discuss
Question 627
waec 2013
Which of the following is recorded on the debit side of the Trial Balance?
Abank overdrafted
Breturns outwards
Cpurchases
Dcapital
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Question 628
waec 2013
A business is treated as being separated from owners. This statement is emphasized by
Aconsistency concept
Brealization concept
Cgoing concern concept
Dbusiness entity concept
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Question 629
waec 2013
The accumulative fund of a non-for-profit making organization is
Aconsistency concept
Brealization concept
Cgoing concern concept
Dbusiness entity concept
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Question 630
waec 2013
Reserves account is kept in the
Aprivate ledger
Bcreditors ledger
Cnominal ledger
Ddebtors ledger
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Question 631
waec 2013
Which of the following is a nominal account?
Amachinery account
Bdrawings account
Cdebtors account
Dwages account
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Question 632
waec 2013
The double entry principle states that
Aevery debit entry must have a corresponding credit entry
Bevery credit entry must have a corresponding double entry
Cevery debit must must have a corresponding double entry
Devery assets must have a corresponding liability
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Question 633
waec 2013
\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)

The returns on capital employed is
A17.2%
B16.2%
C15.2%
D11.2%
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Question 634
waec 2013
Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is
A₦ 740,000
B₦ 580,000
C₦ 370,000
D₦ 280, 000
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Question 635
waec 2013
Use the following information

\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?
A1.87 : 1
B1 : 1.87
C1 : 2
D2 : 1
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Question 636
waec 2013
Which of the following is not a book of original entry?
Acash book
Bpurchases ledger returns
Creturns outwards journal
Dgeneral journal
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Question 637
waec 2013
A petty cashier received a float of GHC 84. The imprest is
AGHC 204
BGHC 120
CGHC 84
DGHC 36
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Question 638
waec 2013
A dishonored cheque is
Adebited in cash book
Bcredited in the cash book
Cdouble entry in the cash book
Dcredited in the bank book
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Question 639
waec 2013
The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing
AI, ii, iii and iv
Bii, iii, i and iv
Ciii, i, ii and iv
Div, iii, ii and iv
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Question 640
waec 2013
A credit balance is
Aa liability or an expense
Ban expenditure or an income
Can asset or an expense
Dan income
View Explanation & Discuss
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