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: The factor that determine the periodic depreciation charge are? Options:
  A) asset cost, market value and useful life
  B) asset cost, market value and residusl value
  C) asset value, cash value useful life
  D) asset cost, salvage and useful life
  Show Answer
  The correct answer is D .
• Question 1152: The second and final call account was debited with? Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital ₦375,000
  C) bank account ₦187,500
  D) 12% preference share capital account ₦187,500
  Show Answer
  The correct answer is D .
• Question 1153:

  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 1154:

  Use the information below to answer the question that follows:

  $\begin{array}{ccc}Creditors& 3,000& 4,000\\ Debtors& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 6,000\\ \text{Cash received from debtors}& \mathrm{\_}\mathrm{\_}\mathrm{\_}& 35,000\\ \text{cash paid to suppliers}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 25,000\\ \text{Discount allowed}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,000\\ \text{Discount received}& \mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}\mathrm{\_}& 4,200\end{array}$

  What is the total purchase for the period?

  Options:
  A) ₦30,200
  B) ₦30,000
  C) ₦25,000
  D) ₦31,200
  Show Answer
  The correct answer is C .
• Question 1155:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 1156:

  Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

  From the above, which of the following is delivered to the registrar of companies for incorporation?

  Options:
  A) i, ii and iii
  B) i and ii
  C) i and iii
  D) ii and iii
  Show Answer
  The correct answer is A .
• Question 1157: The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the? Options:
  A) debit side of manufacturing and profit and loss account
  B) debit side of profit and loss account only
  C) credit side of profit and loss account only
  D) debit side of manufacturing and balance sheet
  Show Answer
  The correct answer is B .
• Question 1158: Which of the following concept stipulates that accounting profit is the difference between revenue and expenses? Options:
  A) Accrual concept
  B) Conservatism concept
  C) Prudence concept
  D) Materiality concept
  Show Answer
  The correct answer is A .
• Question 1159:

  

  The working capital of the club is

  Options:
  A) ₦5000
  B) ₦4000
  C) ₦3000
  D) ₦7000
  Show Answer
  The correct answer is C .
• Question 1160:

  At the end of a financial period, the trading

  Profit and loss account of a sole trader

  Shows a profit of #180,000. it is however

  Discovered that revenue of #15,000 is

  Recorded as expenses while expenses of

  #4,000 is recorded as revenue.The revenue to be added as an adjustment is

  Options:
  A) #34,000
  B) #30,000
  C) #15,000
  D) #4,000
  Show Answer
  The correct answer is B .