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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.

1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

1,757 questions
All JAMB WAEC CUSTOM
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Question 1 of 20 1,757 total questions
Question 751
waec 1994
Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued
AN3,460
BN5,620
CN14,170
DN16,330
EN18,490
View Explanation & Discuss
Question 752
waec 1994
Which of the following is treated under partnership appropriation account?
Ainterest on loan
Bsalary of workers
Celectricity
Dsalary of partner
Etravelling expenses of a partner
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Question 753
waec 1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?
AN512
BN525
CN640
DN700
EN800
View Explanation & Discuss
Question 754
waec 1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?
AN128
BN140
CN160
DN175
EN200
View Explanation & Discuss
Question 755
waec 1994
Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?
Atrading account
Bprofit and loss account
Cbalance sheet
Dincome distribution account
Eappropriate account
View Explanation & Discuss
Question 756
waec 1994
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?
AN128
BN140
CN160
DN175
EN200
View Explanation & Discuss
Question 757
waec 1994
Which of the following is a Real account item?
Awages and salaries account
Bmachinery account
Ccapital account
Ddrawings account
Ealagja and sons account
View Explanation & Discuss
Question 758
waec 1994
Which of he following is a current asset item?
Agoodwill
Boverdraft
Cpreliminary expenses
Dprepayments
Eoutstanding expense
View Explanation & Discuss
Question 759
waec 1994
Where there is no partnership agreement, any contribution in excess of the agree capital attracts
Ano interest at all
Binterest at the rate of 2\(\frac{1}{2}\)% per annum
Cinterest at the rate 5% per anuum
Dinterest at all
Einterest at the per annum
View Explanation & Discuss
Question 760
waec 1994
Cash discount is given for
Abuying in large quantity
Bprompt settlement of account
Cbeing a cash reqular customer
Dintroducing other customers
Esales returns
View Explanation & Discuss
Question 761
waec 1994
Cash discount is given for
Abuying in large quantity
Bprompt settlement of account
Cbeing a regular customer
Dintroducing other customers
Esales returns
View Explanation & Discuss
Question 762
waec 1994
When a buyer is undercharged, the seller forwards
Aundercast note
Bconsignment invoice
Cpurchases in voice
Ddebit note
Ecredit note
View Explanation & Discuss
Question 763
waec 1994
A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are
Adebit cash account N5,200, credit suspense account N5,200
Bcredit cash account N5,200, debit suspense account N5,200
Cdebit cash account N2,600, credit suspense account N2,600
Dcredit cash account N2,600, debit suspense account N2,600
Ecredit cash account N2,600, debit bank account N2,600
View Explanation & Discuss
Question 764
waec 1994
Where a proprietor withdraws cash from bank for office use, the entries would be
Acredit cash account, debit bank account
Bdebit cash account, credit bank account
Cdebit officer account, credit bank account
Ddebit drawings account, credit bank account
Edebit bank account, credit drawings account
View Explanation & Discuss
Question 765
waec 1994
Carriage outwards is charged to the
Adebit side of profit and loss account
Bcredit side of profit and loss account
Ccredit side of trading account
Ddebit side of profit and loss Appropritation account
Edebit side of Balance under current liabilities
View Explanation & Discuss
Question 766
waec 1994
Which of the following statements is not valid?
Aprovision for bad debts is deducted from debtors total in the Balance sheet
BAn increase in provision for bad debts appears on the debi side of the profit and loss account
Ca decrease in the provison for bad debts appears on the credit side of profit and loss accoun
Dthe bas debt account is closed to the debit side of the profit and loss account
Ebad debt is a deduction from debtors total afte making provision for bad and boughtful debts
View Explanation & Discuss
Question 767
waec 1993
Abdul paid off his indebtedness to John by cash. The accounting entries in Abdul's books are: debt
Acash account, credit John's account
Bcash account, credit debtors account
CJohn's account, credit cash account
DJohn's account, credit bank account
EAbdul;s account, credit John's account
View Explanation & Discuss
Question 768
waec 1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of manufacturing goods is
AN67,500
BN65,500
CN65,000
DN63,000
EN61,000
View Explanation & Discuss
Question 769
waec 1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The amount of factory overhead is
AN28,200
BN23,200
CN21,299
DN19,200
EN14,200
View Explanation & Discuss
Question 770
waec 1993
Use the following information to answer the given question.
\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The prime cost is
AN49,000
BN45,800
CN43,800
DN41,800
EN38,800
View Explanation & Discuss
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