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Accounting Past Questions

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3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

3,370 questions

Question 1 of 20 3,370 total questions

Question 751

jamb 2011

The principle of double entry system ensures?

Amathematical accuracy in trial balance

Bbalances at the bank

Cincrease in the assets and liabilities

Dbalance of cash account

View Explanation & Discuss

Question 752

jamb 2011

In a trial balance, income and liabilities are?

Adebited and credited respectively

Bcredited

Ccredited and debited respectively

Ddebited

View Explanation & Discuss

Question 753

jamb 2011

The historical development of accounting reveals that it?

Adeals with debit and credit of items

Bis a product of financial development

Cis a product of its own evironmnent

Dis an ideal subject for finacial development

View Explanation & Discuss

Question 754

waec 2010

Which of the following is a prime cost?

Aroyalty

Bsalary

Ccommission

Ddiscounts allowed

View Explanation & Discuss

Question 755

waec 2010

The amount for which a business is sold is that

Agoodwill

Bcosiderated fund

Cpurchase

Dconsiderations

Ecapital reserve

View Explanation & Discuss

Question 756

waec 2010

Money received from a customer is recorded in the customer's account and bank account; the accounting concept applied is

Abusiness entity

Bdual aspect

Cgoing-concern

Dmoney measurement

View Explanation & Discuss

Question 757

waec 2010

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le 2,400 were owed and Le 8,000 were paid. Using the information, wages recorded in the balance sheet as at 30/6/08 is

ALe 12,400

BLe 6,000

CLe 2,400

DLe 2,000

View Explanation & Discuss

Question 758

waec 2010

The collection and organization of data is

Aaccounting process

Bcentral processing

Cdata processing

Ddata manipulation

View Explanation & Discuss

Question 759

waec 2010

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le, 2,400 were owed and Le 8,000 were paid. Using the information, the wages recorded in the balance sheet as at 30/6/08 is

ALe 2,400

BLe 8,400

CLe 8,000

DLe 7,600

View Explanation & Discuss

Question 760

waec 2010

Which of the following does not form part of shareholders fund?

Aordinary shares

Bshares premium

Cprofit

Ddebenture

View Explanation & Discuss

Question 761

waec 2010

When shares are sold 'at par' it means they are issued at

Athe market value

Bthe nominal value

Ca discount

Da premium

View Explanation & Discuss

Question 762

waec 2010

Which of the following reserves is not used for bonus shares?

Arevolutional reserve

Bshare premium

Ccapital redemption reserve fund?

Dgeneral reserve

View Explanation & Discuss

Question 763

waec 2010

A financial plan of action expressed in monetary terms is a/an

Awarrant

Bbudget

Cimprest

Dconsilidated fund

View Explanation & Discuss

Question 764

waec 2010

The document prepared for the disbursement of government fund is

Aan invoice

Ba receipt

Ca payment voucher

Da bill

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Question 765

waec 2010

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

Abranch stock adjustment account

Bgoods sent to branch account

Cbranch debtors account

Dbranch profit and loss account

View Explanation & Discuss

Question 766

waec 2010

Carriage inwards is shown on the

Adebit side of the trading account

Bcredit side of the trading account

Ccredit side of the profit and loss account

Ddebit side of the profit and loss account

View Explanation & Discuss

Question 767

waec 2010

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & - & 2,520 \\ \text{Interest on drawings} & 504 & - & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is

A₦21,504

B₦19,792

C₦18,352

D₦16,128

View Explanation & Discuss

Question 768

waec 2010

A partners whose liability goes beyond his capital is known as

Adormal partner

Blimited partner

Cgeneral partner

Dnominal partner

View Explanation & Discuss

Question 769

waec 2010

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

Acost plus percentage

Bcost price

Caverage cost

Dselling price

View Explanation & Discuss

Question 770

waec 2010

Where fixed capitals are maintained, partners' drawings are transferred to the

Acredit of capital account

Bdebit of capital accounts

Ccredit of partners's current accounts

Ddebit of partners' currents account

View Explanation & Discuss

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