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.
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?
AN1,313
BN1,406
CN1,625
DN1,750
EN1,875
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Question 742
waec1994
Patent and Trade mark are classified under
Afixed assets
Bcurrent assets
Cintangible assets
Dwasting assets
Einvestments
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Question 743
waec1994
John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?
Adebit plant account, credit current account
Bdebit current account, credit plant account
Ccredit plannt account, credit profit and loss account
Ddebit profit and loss account, credit plant account
Edebit plant account, credit capital account
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Question 744
waec1994
Goods purchased for N92 was entered in the books as N29. This is an error of
Acompensation
Bomission
Ccommission
Dprinciple
Eoriginal entry
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Question 745
waec1994
A typewriter for office use sold for N5,000 was posted to sales account. This is an error of a
Aomission
Bcompensation
Ccommission
Dprinciple
Eoriginal entry
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Question 746
waec1994
Purchase of goods for N1,000 from chukwu had been entered in Cukwura's account. This is an error of
Aomission
Bcompensation
Ccommission
Dprinciple
Eoriginal entry
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Question 747
waec1994
Sale of goods for N500 to Eddy was not posted. This is an error of
Aomission
Bcompensation
Ccommission
Dprinciple
Eordinary entry
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Question 748
waec1994
Drawing appear on the
Adebit side of the profit and loss account
Bcredit side of te profit and loss account
Cdebit side of the appropriation account
Ddebit side of the current account
Ecredit side of the appropriation account
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Question 749
waec1994
Which of the following is not a profit and loss appropriation account item?
Astaff salaries
Binterest on capital
Cinterest on money advanced by partners
Dshare of profit
Einterest and drawings
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Question 750
waec1994
Which of the following does not appear on the debit side of a company's profit and loss appropriation account?
Acompny tax
Bunappropriated surplus
Cproposed dividend
Dtransfer to rserve
Einterim dividend paid
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Question 751
waec1994
Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?
AN100
BN125
CN500
DN600
EN625
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Question 752
waec1994
Profit expressed as a proportion of cost price is known as
Agrss profit
Bprofit make-up
Cprofitt margin
Dprofit percentage
Eprofit ratio
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Question 753
waec1994
Which of the following errors will not allow a trial balance to agree?
Awhere a transaction is completely omitted from the books
Bwhere the correct amount is entered but in the wrong account
Cwhere the figure entered on one side is different from the one entered on the other side
Dwhere an item is entered in the wrong class of account
Ewhere the correct amount is used but each item is shown on the wrong side of the account
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Question 754
waec1994
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?
AN2,920
BN3,240
CN3,330
DN5,340
EN5,440
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Question 755
waec1994
Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?
AN1,110
BN1,430
CN1,520
DN1,750
EN2,980
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Question 756
waec1994
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are
Acredit cash account, debit bank account with N1,200
Bdebit cash account, creidit bank account with N1,200
Ccredit cash account, debit suspense account with N2,400
Ddebit cash account, debit suspense account with N2,400
Ecredit bank account, debit suspense account with N2,400
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Question 757
waec1994
Creditors at start was N940 and purchases for the year was N4,060. During the year, cash paid to creditors was N3,890. N490 was received as discount. What is the creditors amount in the balance sheet?
AN450
BN620
CN660
DN1,110
EN1,430
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Question 758
waec1994
Which of the following is not true of a partnership business without written agreement?
Aprofit and losses will shared equally
Binterest not to be paid on capital
Cinterest on drawings is to be at the rate 5% per annum
Dsalaries are not allowed to partners
Emoney in excess of capital agreed to subscribe is to attract an interest of 5% per annum
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Question 759
waec1994
Rate of stock turnover is defined as
Apurchases over stock
Bcost of goods available for sale over total of opening and closing stock
Ccost of goods available for sale ovet total of opening and closing stock
Dcost of goods sold over total opening and closing stock
Ecost of goods sold over average stock
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Question 760
waec1994
The excess of current assets over current liabilities is
