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.
which of the following is not an Appropriation account item for a company?
Ainerest on drawings
Bproposed dividends
Cinterim dividends
Dprovision for taxation
EGeneral reserve
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Question 703
waec1996
The purpose of a trading account is to ascertain
Asales
Bgross profit or loss
Cnet profit or loss
Dcarriage outwarrds
Eappropriated profit
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Question 704
waec1996
Which of the following entries would be made for goods bought and paid for immediately? Debit
Acash account, credit sales account
Bpurchases account; credit cash account
Ccash account; credit purchases account
Dpurchases account; credit sales account
Epurchases account; credit goods account
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Question 705
waec1996
The balance sheet is a statement showing
Aall assets and liabilities
Ball balances
Ccredit entries of the business
Ddebit entries of the business
Ecaoital and liabilities
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Question 706
waec1996
A trial balance is
Aan attempt to balance the accounts
Bthe credit balances of the accounts
Clist of all balances extracted from the ledger
Dthe debit balances of the accounts
Ebalance sheet balances
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Question 707
waec1996
Debentures issued at a price above the nominal value are said to be issued
Aat discount
Bat premium
Cat subsidy
Don goodwill
Eat a loss
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Question 708
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. In the year of sale, profit was
Areduced by N15,750
Bincreased by N15,750
Creduced by N12,000
Dincreased by N2,250
Ereduced by N2,250
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Question 709
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was
AN48,000
BN36,000
CN36,000
DN24,000
EN12,000
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Question 710
waec1996
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was
AN48,000
BN42,000
CN36,000
DN24,000
EN12,000
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Question 711
waec1996
Mr. B sod goods worth N200 on credit to Mr. C. The credit sales should be entered into
Asales day book
Btrading account
Cprofit and loss account
Dpurchases day book
EMr. B's Account
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Question 712
waec1996
Mr. B sod goods worth N200 on credit to Mr. C. Mr. B should debit this to
Aprofit and loss account
Bmanufacturing account
Csales account
DMr. C's account
EMr. B's account
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Question 713
waec1996
Payment is shown in the Balance Sheet as
ACurrent asset
Bliability
Ccapital
Dfixed asset
Einvestment
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Question 714
waec1996
Which of the following fixed assets is not depreciable?
Abuilding
Btools
Cland
DMotor van
EFurniture
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Question 715
waec1996
A sales journal is used to record
Asales expenses
Bcash sales
Ccredit sales
Dsales return
Esales commission
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Question 716
waec1996
Which of the following is not a cause for the difference between bank statement balance and cash book balance?
Abank charges
Bpresented cheque
Cdirect transfer
Dstanding order
Euncredited logements
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Question 717
waec1996
Which of the following is the book of original entry for all payments and receipts whether by cash or cheque?
Asales day book
Bpurchases day book
Ccash book
Dcheque book
Ejournal book
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Question 718
waec1995
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
Acurrent asset
Bcurrent liability
Cfixed asset
Dfictitious asset
Elong term liability
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Question 719
waec1995
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
How much is the figure for bank?
AN20,000
BN17,000
CN16,800
DN12,000
EN8,000
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Question 720
waec1995
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
'X' refers to
