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Accounting Past Questions

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1,757 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

1,757 questions

Question 1 of 20 1,757 total questions

Question 771

waec 1993

Income received in advance is shown in the balance sheet as

Acurrent asset

Bintangible asset

Ctangible asset

Dlong term liabilities

Ecurrent liabilities

View Explanation & Discuss

Question 772

waec 1993

Which of the following is a fictitious asset?

Aplant and mechinery

Bprepayment

Cpreliminary expenses

Dinvestment

Efictures and fittings

View Explanation & Discuss

Question 773

waec 1993

Which of the following is a Revenue Income?

Athe sale proceeds of an old table

Bthe sale proceeds of shares

Cloan refund

Ddebt recovered

Ethe sale proceeds of an old typewriter

View Explanation & Discuss

Question 774

waec 1993

Debenture is a

Acurrent asset

Bfixed asset

Clong term liability

Dcurrent liability

Etangible asset

View Explanation & Discuss

Question 775

waec 1993

Trade debts amounting to N300 were written off. Which of the following would be affected?

Apurchases

Bprofit and losses

Ccreditors

Dsales ledger

Etrading account

View Explanation & Discuss

Question 776

waec 1993

A partner's drawing is debited to

Aprofit and loss appropriation account

Binterest account

Cloan account

Dcurrent account

Etrading account

View Explanation & Discuss

Question 777

waec 1993

Which of the following does not belong to the group?

APlant and machinery

Bstock

Cgoodwill

Dpreliminary expenses

Eoverdraft

View Explanation & Discuss

Question 778

waec 1993

Which of the following is the most liquid?

Aland and buildings

Bcash at bank

Cmachinery

Dgoodwill

Efurnitures and fittings

View Explanation & Discuss

Question 779

waec 1993

Interest on Johnson's drawing is

AN500

BN300

CN200

DN150

EN100

View Explanation & Discuss

Question 780

waec 1993

Which of the following does not belong to the group?

Adiscount allowed

Bsalaries and wages

Csundry expenses

Drates and rent

Ereturn inwards

View Explanation & Discuss

Question 781

waec 1993

The amount of individual items on a government budget is called

Aa vote

Ba deposit

Ca investment

Da loan

Ea grant

View Explanation & Discuss

Question 782

waec 1993

which of the following is not a Nominal Account?

Arent

Bwages

Cdiscount

Dland

Einterest

View Explanation & Discuss

Question 783

waec 1993

Purchases in accounting refers to goods bought for

Arepairs

Bowner's use

Cresale

Ddecorating offices

Epermanent use

View Explanation & Discuss

Question 784

waec 1993

Goodwill is

Aa current asset

Ba current liability

Ca long term liability

Da fictitious asset

Ean intangible asset

View Explanation & Discuss

Question 785

waec 1993

The equivalent of a club's Receipt and payment account is

Acash account

Brevenue account

Ctrading account

Dsuspense account

Eprofit and loss account

View Explanation & Discuss

Question 786

waec 1993

The term bad debts means debts

Arecorded in wrong account

Bowed by an employee

Cpaid with fake currency

Dthat cannot be collected

Eowed by a supplier

View Explanation & Discuss

Question 787

waec 1993

A trial balance is a proof of accuracy of

Atransactions

Bfinal accounts

Cdouble entry in the ledger

Dtrading account

Ebalance sheet

View Explanation & Discuss

Question 788

waec 1993

Cash stolen from branch-taking s is recorded in the Head Office books by debiting

Adefalcations account and crediting branch stock acccount

Bmark-up account and crediting branch stock account

Cdefalcations account and crediting profit and loss account

Dcash account and crediting branch stock account

Ebranch stock account and crediting defalcations account

View Explanation & Discuss

Question 789

waec 1993

Mark-up on goods sent to branch offices are recorded in the books by creating

Astock adjustment account debiting branch stock account

Bgoods sent to branch account and debiting branch stock account

Cbranchh stock account and debiting stock adjustment account

Dcash account and crediting branch stock account

Ebranch stock account and crediting defalcations account

View Explanation & Discuss

Question 790

waec 1993

A share is under-subscribed when

Ait is offered for sale at less than the nominal value

Bit is offered for sale at nominal value

Cthe number of shares applied for is less than the offer

Dit is offered for sale at more thn norminal value

Ethe number of shares applied for is more than the offer

View Explanation & Discuss

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