Accounting Past Questions

Question 631

waec 1999

Which of the following is a contra entry?

Alodgement of cheques into bank account

BLoggement of cash in hand into bank account

Cwithdrawal of cash for private use

Dtreatment of discount receivd in the cash book

View Explanation & Discuss

Question 632

waec 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

AN6,000

BN3,250

CN2,000

DN1,250

View Explanation & Discuss

Question 633

waec 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

AN3,375

BN2,625

CN2,000

DN1,875

View Explanation & Discuss

Question 634

waec 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?

AN8,500

BN6,625

CN6,500

DN6,000

View Explanation & Discuss

Question 635

waec 1999

Carriage outwards is charged to

Atrading account

Bappropriation account

Cpurchases account

Dprofit and loss account

View Explanation & Discuss

Question 636

waec 1999

Carriage outwards is charged to

Acredited to the trading account

Bdebited to the profit and loss account

Ccredited to the profit and loss account

Dcredited to the appropriation account

View Explanation & Discuss

Question 637

waec 1999

Discount received is

Acredited to the trading account

Bdebited to the Profit and Loss Account

Ccredited to the Profit and Loss Account

Dcredited to the Appropriation Account

View Explanation & Discuss

Question 638

waec 1999

Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include

Abank charges

Bstanding order

Cpresented cheque

Dinterest overdraft

View Explanation & Discuss

Question 639

waec 1999

Errors in the ledger can be corrected through

Ajournal proper

Bsales day book

Cpurchases day book

Dcontrol account

View Explanation & Discuss

Question 640

waec 1998

Which of the following is true in Public sector accounting? Cost of assets is

Adepreciated on straight line method

Bdepreciated on reducing balance method

Cexpensed in the year of purchase

Dcharged to federation account

Enot recognized in any form

View Explanation & Discuss

Question 641

waec 1998

The loss made by a non-trading organization is called

Asurplus

Bdrawing

Cdeficit

Dshortage

Ediscount

View Explanation & Discuss

Question 642

waec 1998

Discount allowed is charged to

Aprofit and loss appropriation account

Bmanufacturing account

Ctrading account

Dprofit and loss account

Ecurrent account

View Explanation & Discuss

Question 643

waec 1998

Carriage outwards is the amount spent on transporting

Agoods sold

Bgoods purchased

Cgoods returned to stock

Dexcess stock

Egoods for manufacture

View Explanation & Discuss

Question 644

waec 1998

Interest on Partner's drawing is credited to

Acapital account

Bdrawings account

Ccurrent account

Dprofit and loss account

Eappropriate account

View Explanation & Discuss

Question 645

waec 1998

\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
he gross profit

AN33,800

BN28,700

CN28,300

DN18,900

View Explanation & Discuss

Question 646

waec 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the factory overhead?

AN10,800

BN9,800

CN9,500

DN8,500

EN5,300

View Explanation & Discuss

Question 647

waec 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
What is the production cost?

AN33,800

BN33,200

CN28,700

DN28,300

EN18,900

View Explanation & Discuss

Question 648

waec 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The prime cost is

AN26,800

BN25,600

CN24,300

DN21,300

EN20,300

View Explanation & Discuss

Question 649

waec 1998

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Closing stock of Raw Materials} & 4,500 \\ \text{Raw material purchased} & 19,000\\ \text{Carriage outwards} & 1,300 \\ \text{Direct labour} & 4,000 \\ \text{Electricity(Factory)} & 2,500 \\ \text{Supervisor's salary} & 5,500 \\ \text{Depreciation of Plant} & 1,500 \\ Sales & 58,000 \\ \text{Closing stock(Finished Goods)} & 4,500 \\ \text{Administrative expenses} & 5,500 \\ \text{selling and Distribution Expenses} & 3,000\end{array}\)
The cost of raw materials used is

AN28,100

BN24,300

CN24,300

DN21,600

EN20,300

View Explanation & Discuss

Question 650

waec 1998

The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is he net book value at the beginning of the year 3?

AN540,000

BN492,00

CN438,000

DN437,400

View Explanation & Discuss

Accounting Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty