Accounts Exam Past Questions and Answers | JAMB, WAEC and NECO

Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.

• Question 91:

  Which of the following expenses is *not* apportined in proportion to turnover?

  Options:
  A) rent
  B) commission
  C) discount allowed
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 92:

  

  The current ratio is

  Options:
  A) 1:1
  B) 2:1
  C) 2.8:1
  D) 3.5:1
  Show Answer
  The correct answer is B .
• Question 93: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 94: Dan and Baker are in partnership with capitals of ₦50,000 and ₦30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew ₦15,000 while baker drew ₦14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was ₦48,000. ₦5000 is to be written off the goodwill account.
  Determine the total interest on capital due to the partners? Options:
  A) ₦1200
  B) ₦1800
  C) ₦3000
  D) ₦4800
  Show Answer
  The correct answer is D .
• Question 95: The following account are prepared when goods are sent to branch except Options:
  A) Branch stock
  B) Goods set to branch account
  C) Branch adjustment account
  D) Branch debtors account
  Show Answer
  The correct answer is D .
• Question 96: The difference in the sales ledger control account is transferred to the? Options:
  A) profit and loss account
  B) sales account
  C) balance sheet
  D) trading account
  Show Answer
  The correct answer is D .
• Question 97: The major advantage of an imprest system is that it Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in preparation for greater responsibilities
  C) relieves the cheif cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is C .
• Question 98: The simplest form of single entry procedure consists fo keeping a? Options:
  A) day book or general journal
  B) cash book and ledger accounts showing debtors and creditors balances
  C) cash journal, sales journal and purchases journal
  D) day book in which transactions are described in chronological order
  Show Answer
  The correct answer is B .
• Question 99:

  Use the information below to answer this question
  ₦
  Total current assets 2000
  Total fixed assets 4000
  Current liabilities 1200
  Drawings 200
  Long term loan 2000

  What is the net working capital?

  Options:
  A) ₦1800
  B) ₦800
  C) ₦2600
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 100: The difference between book keeping and accounting is that while Options:
  A) book keeping interprets data, accounting records it
  B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness
  C) book keeping records data accounting interprets it
  D) book keeping summaries information accounting communicatesit
  Show Answer
  The correct answer is C .