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Accounting Past Questions

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3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2

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3,370 questions

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Question 891

jamb 2008

The factor that determine the periodic depreciation charge are?

Aasset cost, market value and useful life

Basset cost, market value and residusl value

Casset value, cash value useful life

Dasset cost, salvage and useful life

View Explanation & Discuss

Question 892

jamb 2008

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?

AN655 credit

BN655 debit

CN130 credit

DN130 debit

View Explanation & Discuss

Question 893

jamb 2008

Use the information below to answer question .

Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?

AN9525

BN9000

CN7100

DN6400

View Explanation & Discuss

Question 894

jamb 2008

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

Asmart card

Bcommunication network

Cmagnetic strip

Dcomputerized account

View Explanation & Discuss

Question 895

jamb 2008

Commission-on-turnover is charged on?

Acurrent accounts only

Bsavings accounts only

Cfixed deposit accounts only

Dall bank accounts

View Explanation & Discuss

Question 896

jamb 2008

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

Adebited with N10 000

Bcredited with N10 000

Cdebited with N500

Dcredited with N500

View Explanation & Discuss

Question 897

jamb 2008

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

Areal entry

Bspecial entry

Cdirect entry

Dcontra entry

View Explanation & Discuss

Question 898

jamb 2008

Given:

................Cash Book........................

Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400

Find the bank balance?

AN71 250 credit

BN71 250 debit

CN95 000 credit

DN95 000 debit

View Explanation & Discuss

Question 899

jamb 2008

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

Ai and ii

Bi and v

Cii and iv

Diii and v

View Explanation & Discuss

Question 900

jamb 2008

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?

Ai and v

Bii and iv

Cii and vi

Diii and iv

View Explanation & Discuss

Question 901

jamb 2008

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

Acash and credit stationery

Bpurchase and credit stationery

Cstationery and credit cash

Dstationery and credit purchases

View Explanation & Discuss

Question 902

jamb 2008

Given:

Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500

Calculate the total of trial balance?

AN64 300

BN46 825

CN41 850

DN33 325

View Explanation & Discuss

Question 903

jamb 2008

One basic assumption of the double entry theory is that it allows?

Atwo credit entries at the same time

Btwo debit entries at the same time

Cdebit and credit two credit entries at the same time

Ddebit and credit two credit entries in corresponding account

View Explanation & Discuss

Question 904

jamb 2008

A financial analyst needs accounting information to?

Amaintain the production section of the business

Bknow why transactions cause increase and decreases in assets

Cadvise on how to manage the business

Dknow how to record transaction in T account

View Explanation & Discuss

Question 905

jamb 2008

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

AConservatism

BHistorical

CMonetary

DCost

View Explanation & Discuss

Question 906

jamb 2008

One of the major features of bookkeeping is that it?

Aprovides permanent records for all financial transactions

Bis futuristic in nature

Caccpets responsibility for all wrong postings

Ddoes not give room for double entry procedures

View Explanation & Discuss

Question 907

waec 2007

Which of the following is a source of revenue to a local government authority?

Apoll tax

Bexcise duty

Cpaye tax

Dvalue added tax

View Explanation & Discuss

Question 908

waec 2007

Which of the following attracts a fixed rate of dividend?

Aordinary shares

Bfounder's shares

Cpreference shares

Ddefferred shares

View Explanation & Discuss

Question 909

waec 2007

An example of capital gain s

Apremium

Bbonus

Cshares

Ddebenture

View Explanation & Discuss

Question 910

waec 2007

Which of the following is not a real account?

Abuilding account

Bmotor vehicle account

Cpatents account

Dfurniture account

View Explanation & Discuss

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