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 101: Calculate the provision to be taken to the balance sheet? Options:
  A) ₦780
  B) ₦800
  C) 1200
  D) ₦200
  Show Answer
  The correct answer is B .
• Question 102:

  Balance sheet (extract)

  	N
  Creditors	7,940
  Prepaid expenses	290
  Accrual expenses	323
  Stock	4,500
  Cash balances	4,956
  Debtors	905

  Use the information in the above table to answer the question.

  Determine the current liabilities.

  Options:
  A) N8,553
  B) N8,263
  C) N7,940
  D) N1,228
  Show Answer
  The correct answer is B .
• Question 103: When forming a partnership, new partners should record non-monetary assets on the new partnership's books at? Options:
  A) their current fair market values
  B) their historical costs when first use
  C) their historical costs when first purchase by each new partner
  D) the highest values practical so that future income tax deductions are maximized
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  The correct answer is A .
• Question 104: Interest on a partner's drawings is debited to the Options:
  A) Partners current account and credited to the profit and loss appropriation account
  B) profit and loss appropriation account and credited to the partner's current account
  C) profit and loss account and credited to the partner's current account
  D) Partner's current account and credited to the profit and loss account
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  The correct answer is A .
• Question 105: The cost method of charging goods to branch is used where? Options:
  A) branch stock adjustment account is in use
  B) the retention of branch trading account is in addition to the cost of goods sold
  C) goods are sent without invoice or any source documents
  D) goods are of a perishable nature on which a pre-determined price is inapplicable
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  The correct answer is A .
• Question 106: The limitations of the receipts and payments account arise mainly because of the reliance on? Options:
  A) cash movement as evidence of transaction
  B) the acconuting officer to report
  C) the capital account of the organization
  D) the transaction papers as evidence of transaction
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  The correct answer is A .
• Question 107:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 108: The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention Options:
  A) marching
  B) consistency
  C) realization
  D) prudency
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  The correct answer is D .
• Question 109: The trading account is to a sole trader what income and expenditure account is to a? Options:
  A) partnership
  B) public limited organization
  C) manufacturing organization
  D) non-profit making organization
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  The correct answer is D .
• Question 110: In a bank reconciliation statement, interest charged for overdrawn balances should be added to the? Options:
  A) balance as per bank statement
  B) bank balance as per adjusted cash book
  C) aggregate balance as per cash book
  D) bank balance as per cash book
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  The correct answer is A .