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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.

86 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

86 questions
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Question 1 of 20 86 total questions
Question 1
jamb 2018

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

AN210,000
BN844,400
CN840,000
DN500,000
View Explanation & Discuss
Question 2
jamb 2018

The fixed amount of money given to a petty cashier at the beginning of a period is called?

AImprest
Bfloat
Ccash advance
Dcash
View Explanation & Discuss
Question 3
jamb 2018

The basic role of accounting is to?

Adetect fraud
Battest to financial statements
Cmeasure performance
Dprotect shareholders
View Explanation & Discuss
Question 4
jamb 2018

Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

AN8,280,000
BN6,120,300
C
DN8,820,000
View Explanation & Discuss
Question 5
jamb 2018

what is the gross profit margin?

A100%
B50%
C40%
D30%
View Explanation & Discuss
Question 6
jamb 2018

calculate the net profit. 

AN12,500
BN10,000
CN8,000
DN7,500
View Explanation & Discuss
Question 7
jamb 2018

The accumulated fund of a non-trading concern can equally be referred to as?

Amembers equity
Bshare capital
Cgeneral fund
Dsurplus fund
View Explanation & Discuss
Question 8
jamb 2018

The partnership deed normally specifies?

Ahow profits or losses are to be shared
Bthe capital to be contributed annually
Chow salaries are paid to employees
Dthe profit that should be earned annually
View Explanation & Discuss
Question 9
jamb 2018

what will be the price earnings ratio of the company?

AN3.91
BN3.19
CN2.95
DN2.55
View Explanation & Discuss
Question 10
jamb 2018

The company's earnings yield is?

AN20.00%
BN25.00%
CN31.33%
DN39.17%
View Explanation & Discuss
Question 11
jamb 2018

In order to make the cash book balance equal to the bank statement, it is usually to add?

Auncredited cheques
Bdirect payments by bank
Cbank charged
Dunpresented cheques
View Explanation & Discuss
Question 12
jamb 2018

Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

Aconversion
Bdissolution
Cmerger
Dabsorption
View Explanation & Discuss
Question 13
jamb 2018

when a bill is negotiated to a bank , it is said to be?

Aaccepted
Bdiscounted
Csurrendered
Dcashed
View Explanation & Discuss
Question 14
jamb 2018

The current growth in the volume of trading and financial dealings in nigerian is helped by?

Acredit as a factor in business
Bpayments for goods in cash
Cincreased financial activities
Dgovernment intervention
View Explanation & Discuss
Question 15
jamb 2018

A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

AN29,200
BN17,800
CN32,800
DN19,600
View Explanation & Discuss
Question 16
jamb 2018

what is the subscription to be charged to income and expenditure account?

AN20,000
BN30,000
CN34,000
DN36,000
View Explanation & Discuss
Question 17
jamb 2018

The N6,000 subscription received is?

Acapital
Bfixed asset
Ccurrent liability
Dcurrent asset
View Explanation & Discuss
Question 18
jamb 2018

A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?

AN14,000
BN24,000
CN8,000
DN42,000
View Explanation & Discuss
Question 19
jamb 2018

The main difference between the ordinary and preference shareholders is that?

Athe former have voting rights while the latter do not
Bin the case of winding up, the former are paid first before the latter
Cthe latter are not members of the company while the former are
Dthe former receives dividends while the latter do not
View Explanation & Discuss
Question 20
jamb 2018

for an incomplete record to provide necessary information, it must be converted to?

Adouble entry
Bsingle entry
Ccomplete records
Dstatement of affairs
View Explanation & Discuss
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