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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.

49 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

49 questions

Question 1 of 20 49 total questions

Question 1

jamb 2017

When expenses are paid on behalf of the venture, the accounting entries is to debit

Abank account and credit joint venture account

Bexpenses account and credit bank account

Cjoint venture account and credit expenses account

Djoint venture account and credit bank account

View Explanation & Discuss

Question 2

jamb 2017

A part of public company's profits belonging to the shareholders is

Apublic issue

Bbonus

Cright issue

Ddividends

View Explanation & Discuss

Question 3

jamb 2017

An evidence of payment issued to a government ministry by a revenue collector is

Atreasury receipt

Breceipt voucher

Cpayment voucher

Dtreasury card

View Explanation & Discuss

Question 4

jamb 2017

Which of these is a content of a master file?

AAll records relevant to the organisation.

BRecords of assets of the organisation

CA collection of data items

DAll records relating to employees

View Explanation & Discuss

Question 5

jamb 2017

Subscription in advance is treated in the balance sheet as a

Acurrent asset

Bcurrent liability

Cfixed asset

Dlong term liability

View Explanation & Discuss

Question 6

jamb 2017

The correct expression of accounting equation is

AAssets = Liabilities + Equity

BNet assets = Liabilities + Equity

CAssets + Liabilities = Equity

DAssets = Equity - liabilities

View Explanation & Discuss

Question 7

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)

Carriage outwards

A₦9,000

B₦2,500

C₦3,000

D₦1,500

View Explanation & Discuss

Question 8

jamb 2017

The principle of double entry developed from the axioms of accounting equation is given as

AAssets + Liability = Equity

BAssets + Equity = Liabilities

CLiabilities + Equity = Asset

DLiabilities + Equity = Net assets

View Explanation & Discuss

Question 9

jamb 2017

What is the effect of transaction when cash is paid into the bank

ABank balance decrease and cash balance increase

Bbank balance decrease and cash balance decrease

Ccash balance increase and bank balance increase

Dcash balance decrease and bank balance increase

View Explanation & Discuss

Question 10

jamb 2017

The tier of government that uses financial memorandum

AFederal government

Bstate government

Clocal government

Dmunicipal government

View Explanation & Discuss

Question 11

jamb 2017

Which of the following is used to service all operations of government?

AConsolidated Revenue Fund

BConsolidated Reserve Fund

CSpecial Operational Fund

DGeneral-Reserve Fund

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Question 12

jamb 2017

The discount column on the left-hand side of cashbook represents a discount

Areceived from a creditor

Ballowed to a debtor

Creceived from a debtor

Dallowed to a creditor

View Explanation & Discuss

Question 13

jamb 2017

The use of a three column cash book is determined by

Acash discount

Btrade discount

Ccash transaction

DBank transaction

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Question 14

jamb 2017

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

AII and IV only

BI,II and IV only

CI,II and III only

DII,III and IV only

View Explanation & Discuss

Question 15

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)

What is the amount of sales of sales for the year?

A₦3850

B₦6650

C₦1550

D₦6850

View Explanation & Discuss

Question 16

jamb 2017

Goodwill can be created in the books of a partnership firm when

Athe partnership experiences super profit

Ba new member is admitted

Cthe business is being expanded

Dthe business suffers high loss

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Question 17

jamb 2017

The following appears in trading account except

Asales

Bcarriage outward

Ccarriage inward

Dopening stock

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Question 18

jamb 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)

The balance as per bank statement is

A₦21,901

B₦19,021

C₦21,109

D₦21,091

View Explanation & Discuss

Question 19

jamb 2017

The accounting entries for goods stolen in branch will be to debit

AThe accounting entries for goods stolen in branch will be to debit

Bbranch stock account and credit branch adjustment account

Cbranch adjustment account and credit profit and loss account

Dbranch adjustment account and credit branch stock account

View Explanation & Discuss

Question 20

jamb 2017

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

A₦5,000

B₦9,375

C₦5,625

D₦8,000

View Explanation & Discuss

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