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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
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Question 1 of 20 1,757 total questions
Question 81
waec 2021

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

Ageneral partner
Bsleeping partner
Cquasi partner
Dlimited partner
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Question 82
waec 2021

The objective of preparing departmental account is to determine the

Asales of each department
Btotal cost attributable to each department
Ccapital employed by each department
Dprofitability of each department
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Question 83
waec 2021

Amount owed to creditors on 31/12/19 is

A₦ 406,000
B₦ 342,000
C₦ 316,000
D₦ 226,000
View Explanation & Discuss
Question 84
waec 2021

Payment to creditors is 

A₦ 1,423,000
B₦ 1,359,000
C₦ 1,333,000
D₦ 1,295,000
View Explanation & Discuss
Question 85
waec 2021

An amount set aside out of profit for a specific purpose is a

Areserve
Bliability
Cprovision
Ddiscount
View Explanation & Discuss
Question 86
waec 2021

The concept the enables a business to determine the actual profit or loss for a particular period is

Aaccrual concept
Bbusiness entity concept
Cconsistency concept
Dgoing concern concept
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Question 87
waec 2021

Manufacturing account is prepared to determine the

Acost of goods sold
Bcost of goods produced
Cprofit on goods produced
Dvalue of work-in-progress
View Explanation & Discuss
Question 88
waec 2021

Accounting information that is useful for the intended purpose and would make a difference in decision making is 

Acomparable
Bconsistent
Crelevant
Dreliable
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Question 89
waec 2021

Members of a not-for-profit making organization

Aearn dividend on their contributions
Bdo not receive surplus at the end of the year
Care paid interest on their contributions
Dshare profits according to their contributions
View Explanation & Discuss
Question 90
waec 2021

Subsidiary books of account are used to record transactions

Amade in the same period
Bof a similar nature
Cinvolving minor amounts
Dwithout source documents
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Question 91
waec 2021

All cash transactions of a not-for-profit making organization are recorded in

Athree-column cash book
Bincome and expenditure account
Csubscriptions account
Dreceipts and payments account
View Explanation & Discuss
Question 92
waec 2021

Other operating expenses for the period is

AGH¢27,300
BGH¢25,700
CGH¢24,700
DGH¢23,900
View Explanation & Discuss
Question 93
waec 2021

Sales for the period is

AGH¢234,400
BGH¢210,500
CGH¢133,600
DGH¢76,900
View Explanation & Discuss
Question 94
waec 2021

A business includes 50% mark-up on all its products. This would mean margin of 

A66 2/3%
B66 1/3%
C33 2/3%
D33 1/3%
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Question 95
waec 2021

The major source of revenue for central/federal government is

Atenement rate
Bexcise duty
Cmarket toll
Dparking roll
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Question 96
waec 2021

The value of goods sent to a branch is debited to the 

Agoods sent to branch account
Bbranch debtors account
Cbranch adjustment account
Dbranch stock account
View Explanation & Discuss
Question 97
waec 2021

The final stage of accounting process is

Ainterpretation
Brecording
Creporting
Dsummarizing
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Question 98
waec 2021

Commercial activities undertaken by a social club to raise funds include

Adonation
Bbar
Cgrant
Dsubscription
View Explanation & Discuss
Question 99
waec 2021

The petty cash account has an imprest of GH¢36,000 and a debit balance of GH¢10,000 at the end of the month.The reimbursement required would be

AGH¢46,000
BGH¢36,000
CGH¢26,000
DGH¢10,000
View Explanation & Discuss
Question 100
waec 2021

Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit

Acash D2,500; credit Dongo D2,500
BDongo D2,500; credit cash D2,500
CBad debt D2,500; credit Dongo D2,500
DDongo D2,500; credit bad debt D2,500
View Explanation & Discuss
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