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 1121:

  Accounting standards are issued at the International level by the

  Options:
  A) Standards Advisory Council
  B) International Accounting Standards Board
  C) Nigerian Accounting Standards Board
  D) Standing Interpretations Committee
  Show Answer
  The correct answer is B .
• Question 1122:

  Given:Furniture and fittings..................₦20,000

  Equipment...............................₦15,000

  Bank overdrafts.........................₦6, 500

  Bar creditors...........................₦4,800

  Subscription in arrears.................₦4,700

  Subscription in advance.................₦650What is the accumulated fund?

  Options:
  A) 23,700
  B) 27,750
  C) 29,650
  D) 51,650
  Show Answer
  The correct answer is B .
• Question 1123:

  $\begin{array}{cc}& \text{N}\\ \text{Stock Jan 1}& 2000\\ \text{Purchases}& 4000\\ \text{Carriage inwards}& 500\\ \text{Sales}& 9000\\ \text{Carriage outwards}& 500\end{array}$

  Carriage outwards

  Options:
  A) ₦9,000
  B) ₦2,500
  C) ₦3,000
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 1124:

  

  Trade creditors account was maintained at 25% of the capital.

  What was the balance in the trade creditors account as at 31/12/92?

  Options:
  A) ₦29 800
  B) ₦29 500
  C) ₦29 400
  D) ₦29 000
  Show Answer
  The correct answer is C .
• Question 1125: A dividend of 10% in a company on 500 000 ordinary shares of ₦1 nominal value has been declared, How much will a shareholder receive if he has 200 shares? Options:
  A) ₦500 000
  B) ₦50 000
  C) ₦200
  D) ₦20
  Show Answer
  The correct answer is D .
• Question 1126: Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet? Options:
  A) creditors
  B) debtors
  C) stock
  D) suspense
  Show Answer
  The correct answer is C .
• Question 1127:

  In order to make the cash book balance equal to the bank statement, it is usually to add?

  Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charged
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 1128: In an incomplete record, the preparation of the bank reconciliation ensures that? Options:
  A) all cash taking are banked
  B) the cash book is correct
  C) there are no overdrafts
  D) there are no hidden loans
  Show Answer
  The correct answer is A .
• Question 1129:

  Use the information below to answer the question:

  Turnover...........................₦120 000
  Net profit before tax..............₦40 000
  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000
  Preference shares..................₦6 000
  Corporate tax is 30%...............₦10 000

  What is the tax charged to the profit and loss account?

  Options:
  A) ₦14 000
  B) ₦60 000
  C) ₦34 000
  D) ₦20 000
  Show Answer
  The correct answer is D .
• Question 1130:

  Use the information to answer questions 40 and 41.

  Capital balances b/d:.....P.............₦20,000

  ..........................K.............₦10,000

  Drawings:.................P.............₦2, 000

  ..........................K.............₦1, 000

  Share of profits:.........K.............₦4, 000

  ..........................K.............₦2, 000

  Salary....................P.............₦1, 000

  Interest on drawings:.....K.............₦100

  ..........................K.............₦20

  Assuming that the partnership maintains a fixed capital, what is P's closing capital?

  Options:
  A) ₦25,000
  B) ₦24,900
  C) ₦22,900
  D) ₦20,000
  Show Answer
  The correct answer is D .