Accounting past questions: WAEC SSCE 2024

49 objective questions, with answers. Free to read and practise.

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49 questions, one at a time, marked as you go or at the end. No account needed.

1.
A bank is interested in accounting information of a client for the purpose of
1. A.evaluating the entity's share of the market.
2. B.ascertaining the tax payable by the entity.
3. C.assessing the credit worthiness of the customer.
4. D.determining the dividend payable to shareholders.
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Answer: C assessing the credit worthiness of the customer.
2.
A credit purchase of D 63 from Kofi has been entered in he accounts as D 16. This is an error of
1. A.principle.
2. B.original entry.
3. C.complete reversal of entry.
4. D.omission.
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Answer: B original entry.
3.
A debit balance of D 61,000 on a customer's bank statement means that
1. A.the customer's bank balance is D 61,000.
2. B.the customer owes the bank D 61,000.
3. C.a customer's cheque of D 61,000 is yet to be cleared by the bank.
4. D.a direct deposit of D 61,000 was made by a customer.
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Answer: B the customer owes the bank D 61,000.
4.
A partner who has not contributed any form of capital into the firm but only lends his name to be used as a partner is a
1. A.limited partner.
2. B.dormant partner.
3. C.general partner.
4. D.nominal partner.
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Answer: D nominal partner.
5.
A sole trader received the sum of # 4,860 cash from a debtor. The effect of this transaction in the balance sheet is
1. A.decrease in stock and increase in debtor.
2. B.decrease in asse and increase in liability.
3. C.increase in cash and decrease in debtor.
4. D.increase in cash and decrease in capital.
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Answer: C increase in cash and decrease in debtor.
6.
According lo the entity concept, ownership is
1. A.vested or the board of directors
2. B.vested on the management
3. C.separated from the business
4. D.not separated from the business
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Answer: C separated from the business
7.
An account in the real ledger is
1. A.sales account
2. B.insurance account
3. C.discount received account
4. D.machinery
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Answer: D machinery
8.
An item is classified as a current asset if it is
1. A.purchased for long-term use.
2. B.expected to be realized within the balance sheet date.
3. C.fictitious in nature.
4. D.neither cash nor cash equivalent.
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Answer: B expected to be realized within the balance sheet date.
9.
An item recorded in the profit and loss account is
1. A.creditors.
2. B.cash-in-hand.
3. C.debtors.
4. D.general expenses.
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Answer: D general expenses.
10.
An item recorded in the trial balance is
1. A.opening stock.
2. B.closing stock.
3. C.accrued expenses.
4. D.depreciation charged for the year.
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Answer: A opening stock.
11.
Distribution of dividends to shareholders are made from profit
1. A.on sale of fixed assets
2. B.before tax
3. C.after tax
4. D.on purchase of business
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Answer: C after tax
12.
Errors in the trial balance are corrected using the
1. A.control account.
2. B.cash book.
3. C.ledger.
4. D.journal.
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Answer: D journal.
13.
Expense incurred but not yet paid is
1. A.long-term liability
2. B.current liability
3. C.current asset
4. D.capital expenditure
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Answer: B current liability
14.
In an incomplete record, the excess of opening capital ove closing capital is
1. A.provision.
2. B.loss.
3. C.profit.
4. D.reserve.
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Answer: B loss.
15.
In manufacturing account, wages of machine operators are classified as
1. A.prime cost.
2. B.factory overheads.
3. C.work-in- progress.
4. D.administrative overheads.
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Answer: A prime cost.
16.
Liquid assets refer to
1. A.cash and other assets that can be easily converted into cash.
2. B.cash and other current assets.
3. C.current assets less current liabilities.
4. D.bank balance less overdraft.
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Answer: A cash and other assets that can be easily converted into cash.
17.
One of the columns in a single column cash book is
1. A.bank.
2. B.discount allowed.
3. C.discount received.
4. D.particulars.
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Answer: D particulars.
18.
Purchased goodwill is purchase consideration less the value of
1. A.gross identifiable assets.
2. B.net identifiable assets.
3. C.gross non-current assets.
4. D.current assets.
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Answer: B net identifiable assets.
19.
Shares which are issued at no cost to existing shareholders in proportion to existing shares held are
1. A.founders' shares.
2. B.preference shares.
3. C.deferred shares.
4. D.bonus shares.
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Answer: D bonus shares.
20.
Subscriptions classified in the balance sheet as a current asset is subscriptions
1. A.in advance.
2. B.in arrears.
3. C.received or the year.
4. D.income for the year.
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Answer: B in arrears.
21.
The class of shares which are available only to the promoters of a company are
1. A.ordinary shares
2. B.cumulative preference shares
3. C.non-cumulative preference shares
4. D.deferred shares
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Answer: D deferred shares
22.
The concept that underlies the comparing of expenditure for a period with the revenue of same period is
1. A.accrual concept.
2. B.money measurement concept.
3. C.matching concept.
4. D.dual aspect concept.
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Answer: C matching concept.
23.
The concept which assumes that transactions should be expressed using a common denominator is
1. A.historical cost concept.
2. B.money measurement concept.
3. C.materiality concept.
4. D.consistency concept.
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Answer: B money measurement concept.
24.
The debit side of a trial balance total is GH¢ 2,000 more than the credit side. Which of the following errors would account for the difference?
1. A.A receipt of GH¢ 2,000 for rent has been omitted from the books
2. B.Carriage inwards of GH¢ 2,000 has been debited to carriage outwards account
3. C.Petty cash balance of GH¢ 1,000 has been omitted from the books
4. D.Discount received of GH¢ 1,000 has been debited to discount allowed account
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Answer: A A receipt of GH¢ 2,000 for rent has been omitted from the books
25.
The equivalent of income and expenditure account in a limited liability company is
1. A.cash book.
2. B.receipts and payments account.
3. C.appropriation account.
4. D.profit and loss account.
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Answer: D profit and loss account.
26.
The objective of preparing a departmental account is to
1. A.ascertain the cost of raw materials of each department.
2. B.ascertain the profit of each department.
3. C.determine the value of unused stock of each department.
4. D.calculate the stock turnover ratio of each department.
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Answer: B ascertain the profit of each department.
27.
The owner's claim on the asset of a business is
1. A.capital.
2. B.loan.
3. C.liabilities.
4. D.drawings..
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Answer: A capital.
28.
The proportion of the issued capital to be paid later is
1. A.called-up capital.
2. B.authorized capital.
3. C.uncalled-up capital.
4. D.paid-up capital.
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Answer: C uncalled-up capital.
29.
Use the following information to answer the questions The yearly depreciation charge using the straight line method is $\frac{X-Y}{Z}$ The letter Z in the formula represents
1. A.cost of the asset.
2. B.accumulated depreciation.
3. C.estimated useful life of the asset.
4. D.rate of depreciation.
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Answer: C estimated useful life of the asset.
30.
Use the following information to answer this question Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account. Ayo will record this transaction on the
1. A.debit side of the sales ledger control account
2. B.credit side of the sales ledger control account
3. C.debit side of the purchases ledger control account
4. D.credit side of the purchases ledger control account
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Answer: C debit side of the purchases ledger control account
31.
Use the following information to answer this question Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account. Bayo will record this transaction on the
1. A.debit side of the sales lodger control account.
2. B.credit side of the sales ledger control account.
3. C.debit side of the purchases ledger control account.
4. D.credit side of the purchases ledger control account.
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Answer: B credit side of the sales ledger control account.
32.
Use the following information to answer this question Le Opening stock 6,000 Sales 180,000 Closing stock 4,200 Mark-up is 33 $\frac{1}{3}$ % The cost of goods sold is
1. A.Le 139,200.
2. B.Le 135,000.
3. C.Le 133,200.
4. D.Le 127,200.
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Answer: B Le 135,000.
33.
Use the following information to answer this question Le Opening stock 6,000 Sales 180,000 Closing stock 4,200 Mark-up is 33 $\frac{1}{3}$ % The gross profit is
1. A.Le 60,000
2. B.Le 45,000
3. C.Le 44,400
4. D.Le 33,750
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Answer: B Le 45,000
34.
Use the following information to answer this question Le Opening stock 6,000 Sales 180,000 Closing stock 4,200 Mark-up is 33 $\frac{1}{3}$ % The value of purchases is
1. A.Le 139,200.
2. B.Le 135,000.
3. C.Le 133,200.
4. D.Le 127,200.
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Answer: C Le 133,200.
35.
Use the following information to answer this question. Ade bought goods worth le 30,000 from Ode and was given a 7.5% discount. The amount paid for the goods is
1. A.Le 32,250.
2. B.Le 30,000.
3. C.Le 27,750.
4. D.Le 2,250.
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Answer: C Le 27,750.
36.
Use the following information to answer this question. Ade bought goods worth le 30,000 from Ode and was given a 7.5% discount. The evidence of payment for the goods Ade bought is the
1. A.receipt.
2. B.invoice.
3. C.waybill.
4. D.voucher.
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Answer: A receipt.
37.
Use the following information to answer this question. D Purchases of motor van 370,000 Building of laboratories 760,000 Purchase of drugs 110,000 Electricity 26,000 Repair of equipment 10,000 The amount of recurrent expenditure is
1. A.D 146,000.
2. B.D 136,000.
3. C.D 120,000.
4. D.D 110,000.
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Answer: A D 146,000.
38.
Use the following information to answer this question. D Purchases of motor van 370,000 Building of laboratories 760,000 Purchase of drugs 110,000 Electricity 26,000 Repair of equipment 10,000 The capital expenditure is
1. A.D 1.140,000
2. B.D 1,130,000
3. C.D 870,000
4. D.D 760,000
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Answer: B D 1,130,000
39.
Use the following information to answer this question. GH¢ Trade creditors 1/1/2022 35,000 Payment to suppliers in 2022 30,000 Discounts received 1,800 Trade creditors 31/12/2022 24,000 The balance sheet as at 31/12/2022 will show current liability of
1. A.GH¢ 59,000.
2. B.GH¢ 24,000.
3. C.GH¢ 22,200.
4. D.GH¢ 1,000.
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Answer: B GH¢ 24,000.
40.
Use the following information to answer this question. GH¢ Trade creditors 1/1/2022 35,000 Payment to suppliers in 2022 30,000 Discounts received 1,800 Trade creditors 31/12/2022 24,000 The purchases for 2022 is
1. A.GH¢ 90,800.
2. B.GH¢ 55,800.
3. C.GH¢ 39,200.
4. D.GH¢ 20,800.
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Answer: D GH¢ 20,800.
41.
Use the following information to answer this question. Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed: Taiyelolu Ejire # # Capital accounts (1/1/2023) 200,000 100,000 Current accounts (1/1/2023) 40,000 80,000 Drawings within the year 20,000 30,000 Annual salaries 28,000 24,000 Interest on capital is agreed at 10% and the net profit for the year is # 120,000. Ejire's share of profit is
1. A.#45,000
2. B.# 38,000
3. C.# 34,000
4. D.#19,000
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Answer: D #19,000
42.
Use the following information to answer this question. Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed: Taiyelolu Ejire # # Capital accounts (1/1/2023) 200,000 100,000 Current accounts (1/1/2023) 40,000 80,000 Drawings within the year 20,000 30,000 Annual salaries 28,000 24,000 Interest on capital is agreed at 10% and the net profit for the year is # 120,000. Taiyelolu's balance of current account at the end of the year is
1. A.#107,000.
2. B.$87,000.
3. C.#68,000.
4. D.#40,000.
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Answer: B $87,000.
43.
Use the following information to answer this question. Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed: Taiyelolu Ejire # # Capital accounts (1/1/2023) 200,000 100,000 Current accounts (1/1/2023) 40,000 80,000 Drawings within the year 20,000 30,000 Annual salaries 28,000 24,000 Interest on capital is agreed at 10% and the net profit for the year is # 120,000. The interest on Taiyelolu's capital is
1. A.#20,000.
2. B.#12,000.
3. C.# 4,000.
4. D.#2,000.
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Answer: A #20,000.
44.
Use the following information to answer this question. The margin for a business is 2/5 and the cost of sales is $ 120,000. The mark-up for the business is
1. A.4/5
2. B.3/5
3. C.2/3
4. D.1/5
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Answer: C 2/3
45.
Use the following information to answer this question. The margin for a business is 2/5 and the cost of sales is $ 120,000. The sales value for the business is
1. A.$216,000.
2. B.$204,000.
3. C.$ 200,000.
4. D.$ 192,000.
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Answer: C $ 200,000.
46.
Where the head office maintains all books of account, the cost of goods returned is credited to
1. A.Goods Sent to Branch Account
2. B.Branch Stock Account
3. C.Branch Head Office Current Account
4. D.Branch Debtors Account
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Answer: A Goods Sent to Branch Account
47.
Which of the following items will be recorded on the credit side of a club's income and expenditure account?
1. A.Donation to children's home
2. B.Donations received
3. C.Honoraria paid to guest speakers
4. D.Meeting expenses
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Answer: B Donations received
48.
Which of the following items will not be charged to the manufacturing account?
1. A.Warehouse rent
2. B.Opening work-in-progress
3. C.Direct expenses
4. D.Carriage on raw materials
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Answer: A Warehouse rent
49.
Work-in-progress is an item in
1. A.income and expenditure account.
2. B.receipts and payments account.
3. C.appropriation account.
4. D.manufacturing account.
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Answer: D manufacturing account.

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