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 1161:

  Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.

  What is the new profit-sharing ratio of Marhumu and Yusuf?

  Options:
  A) 50% : 25%
  B) 50% : 20%
  C) 25% : 50%
  D) 25% :25%
  Show Answer
  The correct answer is A .
• Question 1162: The net profit from a trading account of a non-profit making organization would be treated as income in the Options:
  A) income and expenditure account
  B) receipt and payment account
  C) balance sheet
  D) statement of affairs
  Show Answer
  The correct answer is A .
• Question 1163:

  A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

  Options:
  A) N29,200
  B) N17,800
  C) N32,800
  D) N19,600
  Show Answer
  The correct answer is C .
• Question 1164: Cost reports for the intention of management should reflect? Options:
  A) as much details as possible
  B) summary figures only
  C) details of non-controllable expenses
  D) cost and comparable data useful in decision-making
  Show Answer
  The correct answer is D .
• Question 1165:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  What is the sales value of department R?

  Options:
  A) ₦7,800
  B) ₦11,700
  C) ₦23,400
  D) ₦35,100
  Show Answer
  The correct answer is A .
• Question 1166: The amount of subscriptions accrued is reported in the balance sheet under? Options:
  A) fixed asset
  B) long-term liability
  C) current asset
  D) current liability
  Show Answer
  The correct answer is D .
• Question 1167:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 1168: The major point of agreement carried by the partnership deed is? Options:
  A) 5% interest annum on any loan
  B) an oral agreement among the partners
  C) method of inhertance by the partners' children
  D) the profit and loss sharing ratio of the partners
  Show Answer
  The correct answer is D .
• Question 1169: Subscription in arrears are Options:
  A) Credited to the income and expenditure account and shown as a liability in the balance sheet
  B) debited to the income and expenditure account and shown as an asset in the balance sheet
  C) credited to the income and expenditure account and shown as a liability in the balance sheet
  D) debited to the income and expenditure account and shown as a liability in the balance sheet
  Show Answer
  The correct answer is B .
• Question 1170: A business transaction is recorded in the books of account when the? Options:
  A) owner of the business invests his ₦10,000 in another company
  B) business retains part of ofits profits for future expansion purposes
  C) business invest applies for overdraft facilities from its bankers
  D) owner of the business collects ₦5,000 from the accountant
  Show Answer
  The correct answer is A .