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 1171: The control accounting can be used in? Options:
  A) recording all the business transactions of the enterprise
  B) Keeping records of all direct deposit in the bank account
  C) monitoring the books of original entry
  D) monitoring the efficiency of bookkepping by accountants
  Show Answer
  The correct answer is D .
• Question 1172:

  Use the information below to answer questions

  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

  The undistributed profit carried forward is?

  Options:
  A) ₦68 000
  B) ₦20 000
  C) ₦74 000
  D) ₦34 000
  Show Answer
  The correct answer is A .
• Question 1173:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 1174: A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at a price of ₦1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares? Options:
  A) ₦1,000
  B) ₦1,200
  C) ₦4,800
  D) ₦6,000
  Show Answer
  The correct answer is A .
• Question 1175:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  What is the cash balance on the debit side if it is the only item omitted?

  Options:
  A) ₦6745
  B) ₦6754
  C) ₦6475
  D) ₦6574
  Show Answer
  The correct answer is C .
• Question 1176: An outright sale of a partnership amounts to the? Options:
  A) compensation of vendors by the purchase
  B) admission of a new partner
  C) purchase of rights of a dead partner
  D) change of sharing ratio of vendors
  Show Answer
  The correct answer is D .
• Question 1177: The discount column on the left-hand side of cashbook represents a discount Options:
  A) received from a creditor
  B) allowed to a debtor
  C) received from a debtor
  D) allowed to a creditor
  Show Answer
  The correct answer is B .
• Question 1178: The standing order is a payment instruction given by a? Options:
  A) customer to the bank
  B) bank to the customer
  C) bank to an employee
  D) customer to a fellow customer
  Show Answer
  The correct answer is A .
• Question 1179: Which of the following is a common cause of a discrepancy between head office and branch trial balance? Options:
  A) Debtors and cash in transit
  B) Creditors and cash in transit
  C) Stock and cash in transit
  D) Stock and prepayments
  Show Answer
  The correct answer is A .
• Question 1180:

  The following is a draft balance sheet as at 31/12/92:
  	Cost (N)	Accumulated Depreciation (N)	Net (N)
  Fixed Assets (Tan.)	200 000	100 000	100 000
  Current Assets:
  Stock in trade		10 000
  Trade debtors		4 500
  Cash at bank		22 800
  Cash in hand		9 700
  Trade creditors		?
  Capital		?

  What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with

  Options:
  A) ₦3 000 and show wages accrued ₦500 in the balance sheet
  B) ₦2 000 and show wages accrued ₦500 in the balance sheet
  C) ₦3 000 and show wages perpaid ₦500 in the balance sheet
  D) ₦2000 and show wages paid in advance ₦500 in the balace sheet
  Show Answer
  The correct answer is C .