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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.

54 questions JAMB 1611 WAEC 1757 CUSTOM 2
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Past Questions

54 questions
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Question 1 of 20 54 total questions
Question 1
waec 2004
A fixed amount of money set aside for petty expenses is
Aimprest
Bfloat
Creceipt
Dfund
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Question 2
waec 2004
The transfer of goods between departments is recorded be debiting
Athe receiveing department and crediting the giving department
Bthe giving department and crediting the receiving department
Cstock account and crediting trading account
Dtrading account and crediting purchases account
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Question 3
waec 2004
Which of the following is not a unit of the computer?
Aconsole
Boutput
Ccontrol
Dinput
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Question 4
waec 2004
Computer programmes are
Amicro processors
Bsoftware
Chardware
Dmemory
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Question 5
waec 2004
Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?
AN265,000
BN220,000
CN205,000
DN190,000
View Explanation & Discuss
Question 6
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
View Explanation & Discuss
Question 7
waec 2004
A statement that measures the performance of a business over a period of time is the
Abalance sheet
Bbank statement
Cfunds flow statement
Dprofit and loss account
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Question 8
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
View Explanation & Discuss
Question 9
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
AN13,600
BN11,200
CN10,880
DN9,600
View Explanation & Discuss
Question 10
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
AN14,000
BN13,000
CN12,000
DN10,000
View Explanation & Discuss
Question 11
waec 2004
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
AN76,000
BN72,000
CN70,000
DN60,000
View Explanation & Discuss
Question 12
waec 2004
Which of the following is not correct?

\(\begin{array}{c|c} Assets & Liabilities & Capital\\ N & N & N \\ \hline \text{A. 95,550} 11,500 & 82,000 \\ \text{B. 82,000} & 28,000 & 54,000\\ \text{C. 78,500} & 12,500 & 66,000\\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)
AA
BB
CC
DD
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Question 13
waec 2004
Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?
AN80,000
BN75,000
CN55,000
DN35,000
View Explanation & Discuss
Question 14
waec 2004
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?
AN360,000
BN200,000
CN160,000
DN40,000
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Question 15
waec 2004
The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is
Asubvention
Bbudgett
Cdeposit
Destimates
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Question 16
waec 2004
Which of the following is the basis of accounting in public service?
Aprofit
Baccrual
Cexpenditure
Dcash
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Question 17
waec 2004
An expense is said to be revenue in nature if it
Aadds or contributes to the operating income of the business
Breduces the capital of the business
Cnecessitates the introduction of additional capital
Dadds to or mproves the value of fixed assets
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Question 18
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Amount owing to Bar creditors is
AN8,450
BN6,050
CN5,600
DN2,850
View Explanation & Discuss
Question 19
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is
AN4,500
BN1,350
CN450
DN400
View Explanation & Discuss
Question 20
waec 2004
Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Accumulated fund as at 1st January 2002 is
AN6,900
BN5,900
CN4,500
DN3,500
View Explanation & Discuss
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