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.
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Which of the following is not classified as an overhead?
Afactory rates
Bfactory power
Cfactory building extension
Dfactory depreciation
View Explanation & Discuss
Question 2
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\)
Rent expenses for the year 2005 is
A₦11,400
B₦11,300
C₦11,200
D₦10,200
View Explanation & Discuss
Question 3
waec2006
Which of the following is not a purpose for preparing departmental accounts? To
Acompare the results of different departments
Bemploy staff into different departments
Creward departmental managers
Dobtain information for formulating policies
View Explanation & Discuss
Question 4
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The balance as per bank statement is
AD10,900
BD8,400
CD5,600
DD2,800
View Explanation & Discuss
Question 5
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\)
The adjustment cash book balance is
AD11,200
BD8,400
CD6,200
DD5,600
View Explanation & Discuss
Question 6
waec2006
Which of the following is a journal as well as an account?
Asales day book
Bcash book
Cgeneral journal
Dpurchases journal
View Explanation & Discuss
Question 7
waec2006
Where the head office maintains all books of account, goods sent to branch is credited to
Agoods sent to branch account
Bbranch stock account
Cbranch stockk adjustment account
Dhead office current account
View Explanation & Discuss
Question 8
waec2006
Which of the following columns of a three column cash book are memoranda? i. Discount ii. Discount allowed iii. Cash iv. Bank
Ai ans ii only
Bi and iii only
Cii and iii only
Diii and iv only
View Explanation & Discuss
Question 9
waec2006
The amount allowed off the cost price of an article to stimulate patronage is
Acash discount
Btrade discount
Cdiscount on debt
Ddiscount on bills
View Explanation & Discuss
Question 10
waec2006
Which of the following is not a revenue expenditure?
Apayment of salaries
Bpayment for advertisement
Cpurchases of motor vehicle
Dpurchases of goods
View Explanation & Discuss
Question 11
waec2006
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the reducing balance method, the depreciation charged for year 2003 was
A₦160,000
B₦150,000
C₦130,000
D₦120,000
View Explanation & Discuss
Question 12
waec2006
Using the reducing balance method, the depreciation charged for year 2002 was
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
Using the straight reducing balance method, the depreciation charged for year 2002 was
A₦100,000
B₦90,000
C₦80,000
D₦60,000
View Explanation & Discuss
Question 13
waec2006
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)
A₦160,000
B₦130,000
C₦100,000
D₦60,000
View Explanation & Discuss
Question 14
waec2006
Which of the following is not a debit item in a creditor's control account?
Acash paid
Breturns outwards
Cpurchases
Ddiscount received
View Explanation & Discuss
Question 15
waec2006
Which of the following is charged to trading account?
Adiscounts allowed
Bcarriage outwards
Csalaries
Dcarriage inwards
View Explanation & Discuss
Question 16
waec2006
Control accounts are also known as
Acontra accounts
Btotal accounts
Cledger accounts
Dintegral accounts
View Explanation & Discuss
Question 17
waec2006
A set of instruments fed into a computer for accomplishing a given task is a/an
Ainput
Bprogramme
Coutput
Ddata
View Explanation & Discuss
Question 18
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of goods manufactured is
AD138,000
BD131,800
CD130,500
DD123,500
View Explanation & Discuss
Question 19
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Prime cost is
AD120,500
B117,700
CD114,900
DD114,300
View Explanation & Discuss
Question 20
waec2006
Use the information to answer the given question.
\(\begin{array}{c|c} & D\\ \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\)
Cost of raw materials consumed is
