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.

131 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

131 questions
Question 1 of 11 131 total questions
Question 61
jamb 2023

Which of these is the main source document for recording cash paid into bank?

Ainvoice
Bcredit note
Ccheque book
Dpay-in-slip
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Question 62
jamb 2023

One of the options below is not the source of income for non - profit organization

Aordinary shares
Bdonations
Csubscription/dues
Dentrance fees
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Question 63
jamb 2023

Accounting entry for dissolution expenses is

ADr : Partnership account ;Cr: Realization account
BDr: Revaluation account; Cr: Partnership account
CDr: Realization account; Cr: Cash account
DDr: Partners current account; Cr: Realization account
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Question 64
jamb 2023

A part of public company's profit belonging to the shareholders is

Aright issue
Bbonus
Cdividends
Dpublic issue
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Question 65
jamb 2023

The principle of double entry developed from the axioms of accounting equation is given as

ALiabilties + Equity = Net assets
BAssets + Equity = Liabilities
CLiabilities + Equity = Assets
DAssets + Liability = Equity
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Question 66
jamb 2023
 

₦

Debtors opening

4000
Debtors closing 1500

Cash received from debtors

8500

Bad debts written off

350
Discount allowed 500
Discount received 1000

What is the amount of sales for the year?

 

 

A₦6850
B₦6650
C₦3850
D₦1550
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Question 67
jamb 2023

The following appears in the trading account except

Acarriage inward
Bopening stock
Ccarriage outward
Dsales
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Question 68
jamb 2023

The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

Acontigencies
Breserved expenditure warrant
Cannual general warrant
Dprovisional general warrant
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Question 69
jamb 2023

The use of three column cash book is determined by

Atrade discount
Bcash transaction
Cbank transaction
Dcash discount
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Question 70
jamb 2023

The following are importance of branch account except

Ait allows fraud and wastage of resources
Bit assist the organization to determine the performance of a branch manager
Cit enable the organization to determine the branch that is making either profit or loss
Dit allows proper control over the branch by the head office
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Question 71
jamb 2023
The double entry system records each transaction in
Aone account
Bno account
Ctwo accounts
Dthree accounts
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