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 1151:

  Accounts can be classified into

  Options:
  A) cash and credit transactions
  B) cash and credit accounts
  C) personal and private account
  D) personal and impersonal account
  Show Answer
  The correct answer is D .
• Question 1152:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Additional information:

  	1:1:93	31:12:93
  	₦	₦
  Subscription in arrears	300	450
  Furniture	7,000
  Subscription received in advance	500	400
  Rate owing	50	60

  Subscription relating to the accounting year 1993 in the income and expenditure account is

  Options:
  A) ₦15 050
  B) ₦14 050
  C) ₦14 300
  D) ₦13 400
  Show Answer
  The correct answer is B .
• Question 1153: The salary of the chief Justice of the Federation is paid from the? Options:
  A) consolidated revenue fund
  B) development fund
  C) contigency fund
  D) special fund
  Show Answer
  The correct answer is A .
• Question 1154:

  

  The owner wishes to maintain an amount equal to $\frac{1}{3}$ of capital as drawings. The cash book closing balance will be

  Options:
  A) ₦900
  B) ₦2,400
  C) ₦4,200
  D) ₦4,600
  Show Answer
  The correct answer is B .
• Question 1155:

  (i) Profits and looses will be shared unequally.

  (ii) Interest is not allowed on capital.

  (iii) Salaries are not allowed.

  (iv) Interest is charged on drawings.

  From the above, which of the following would apply where there is no agreement during partnership formation?

  Options:
  A) i only
  B) i, ii and iii
  C) i, ii and iv
  D) ii and iii
  Show Answer
  The correct answer is C .
• Question 1156: The concise statement used to explain entries in the general journal is known as? Options:
  A) narration
  B) summary
  C) information
  D) commentary
  Show Answer
  The correct answer is A .
• Question 1157:

  Use the information below to answer questions 40 and 41.

  Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

  Capital - Keme.............₦20 000

  ........ - Kemi.............₦10 000

  Drawings - Keme.............₦2 000

  ........ - Kemi.............₦3 000

  Profit......................₦6 000

  Interest on capital.........5%

  Interest on drawings........10%

  The interest on Keme's drawings is calculated as? Options:
  A) ₦200
  B) ₦150
  C) ₦300
  D) ₦100
  Show Answer
  The correct answer is A .
• Question 1158: Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its branchWhat is the cost price of the goods sent to the branch Options:
  A) ₦600,000
  B) ₦620,000
  C) ₦640,000
  D) ₦700,000
  Show Answer
  The correct answer is B .
• Question 1159: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 1160:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.

  Find the amount for sundry debtors after provision.

  Options:
  A) #744,800
  B) #760,000
  C) #784,000
  D) #744,000
  Show Answer
  The correct answer is D .