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 991: If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is? Options:
  A) increase in assets and increase in capital
  B) increase in assets and decrease in capital
  C) decrease in capital and increase in assets
  D) decrease in capital and decrease in assets
  Show Answer
  The correct answer is D .
• Question 992: An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the? Options:
  A) fixed assets ratio
  B) capital gearing ratio
  C) current assets ratio
  D) acid test ratio
  Show Answer
  The correct answer is D .
• Question 993:

  The accounting entries for goods stolen in branch will be to debit

  Options:
  A) profit and loss account and credit branch stock account
  B) branch stock account and credit branch adjustment account
  C) branch adjustment account and credit profit and loss account
  D) branch adjustment account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 994: In the absence of a partnership deed, the act stipulates that Options:
  A) an amount should be fixed as salary for partners
  B) interest on partners loan should be 25%
  C) interest should not be allowed on partners drawings
  D) profits and losses should not be shared equally
  Show Answer
  The correct answer is D .
• Question 995:

  Where there is no agreement made by the partners, the following provisions takes place except

  Options:
  A) No salary for partners acting in the business
  B) There is interest on capital
  C) No interest to be charged on drawings
  D) Profit and loss are to be shared equally
  Show Answer
  The correct answer is B .
• Question 996:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 997:

  Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

  Aug. 6 Received 20 units at ₦68 each

  Aug. 10 Issued 16 units

  Aug. 20 Received 40 units at ₦80 each

  Aug. 31 Issued 48 unitsUsing the simple average method, what is the cost per unit of the closing stock?

  Options:
  A) ₦80
  B) ₦74
  C) ₦64
  D) ₦60
  Show Answer
  The correct answer is A .
• Question 998:

  Income and Expenditure (Extract)
  	₦		₦
  Bal. b/d	390	Expenses	300
  Sales of tickets	4,000	New tool	510
  Donations	3,000	Repairs	400
  Subscriptions	6,500	Electricity	350

  What is the balance carried down?

  Options:
  A) ₦11,680
  B) ₦11,930
  C) ₦12,330
  D) ₦13,430
  Show Answer
  The correct answer is C .
• Question 999: A book of account that possesses the features of both day book and ledger is Options:
  A) sales day book
  B) cash book
  C) purchases day book
  D) returns day book
  Show Answer
  The correct answer is B .
• Question 1000:

  Given:

  Liabilities..............₦23,700
  Current assets...........₦20,300
  Fixed assets.............₦64,500

  What is the capital introduced by the proprietor?

  Options:
  A) ₦40,800
  B) ₦61,100
  C) ₦88,200
  D) ₦108 500
  Show Answer
  The correct answer is B .