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Accounting Past Questions

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3,370 questions

Question 1 of 20 3,370 total questions

Question 61

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 cost of goods sold is

ALe 139,200.

BLe 135,000.

CLe 133,200.

DLe 127,200.

View Explanation & Discuss

Question 62

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 value of purchases is

ALe 139,200.

BLe 135,000.

CLe 133,200.

DLe 127,200.

View Explanation & Discuss

Question 63

waec 2024

In manufacturing account, wages of machine operators are classified as

Aprime cost.

Bfactory overheads.

Cwork-in- progress.

Dadministrative overheads.

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Question 64

waec 2024

Use the following information to answer the questions

The yearly depreciation charge using the straight line method is
\(\frac{X-Y}{Z}\)

The letter Z in the formula represents

Acost of the asset.

Baccumulated depreciation.

Cestimated useful life of the asset.

Drate of depreciation.

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Question 65

waec 2024

The concept which assumes that transactions should be expressed using a common denominator is

Ahistorical cost concept.

Bmoney measurement concept.

Cmateriality concept.

Dconsistency concept.

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Question 66

waec 2024

An item recorded in the profit and loss account is

Acreditors.

Bcash-in-hand.

Cdebtors.

Dgeneral expenses.

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Question 67

waec 2024

A bank is interested in accounting information of a client for the purpose of

Aevaluating the entity's share of the market.

Bascertaining the tax payable by the entity.

Cassessing the credit worthiness of the customer.

Ddetermining the dividend payable to shareholders.

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Question 68

jamb 2024

The following balances were extracted from the books of Onuoha, a trader on 31st December 2005

Audit fee	12000
General expenses	30000
Purchases	70000
Commission paid	30000
Stock (1 - 01 - 2005)	10000
Stock ( 31 - 12 - 2005)	15000
Sales	120000

The gross profit is

A#35,000

B#45,000

C#55,000

D#25,000

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Question 69

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The current ratio is

A3:1

B2:1

C1:1

D1.2:1

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Question 70

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The gross profit is

A#40,000

B#50,000

C#70,000

D#60,000

View Explanation & Discuss

Question 71

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Total fixed assets is

A#70,000

B#150,000

C#165,000

D#80,000

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Question 72

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Percentage of net profit to sale is

A10%

B40%

C30%

D20%

View Explanation & Discuss

Question 73

jamb 2024

The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Cost of goods produced is

A#520,000

B#530,000

C#558,500

D#559,000

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Question 74

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Factory overhead cost is

A#63,500

B#68,500

C#58,500

D#12,800

View Explanation & Discuss

Question 75

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

The prime cost is

A#500,000

B#527,500

C#530,000

D#463,000

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Question 76

jamb 2024

	#	#
Debtors	2000	6000
Stock	1000	1300
Discount allowed	500
Cash received from debtors	10000

Sales for the year is

A#14,000

B#10,500

C#14,500

D#16,500

View Explanation & Discuss

Question 77

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The total expenses is

A#3,900

B#3,800

C#4,400

D#3,400

View Explanation & Discuss

Question 78

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The net profit is

A#3,400

B#4,400

C#3,900

D#3,800

View Explanation & Discuss

Question 79

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The cost of goods sold is

A#21,200

B#20,200

C#19,200

D#18,800

View Explanation & Discuss

Question 80

jamb 2024

The following extracts are made from the books of Agama Enterprises.

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%

Method of depreciation used is Diminishing Balance The depreciation charge for year two is

A#28,800

B#48,000

C#17,280

D#10,370

View Explanation & Discuss

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