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 1251:

  Use the information to answer the question.

  A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. It was sold on 30/6/1999 for ₦31,500.

  The net book value of the piece of equipment at the time of sale was

  Options:
  A) ₦96 000
  B) ₦48 000
  C) ₦36 000
  D) ₦24 000
  Show Answer
  The correct answer is C .
• Question 1252: When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's? Options:
  A) goodwill account balance
  B) current account credit balance
  C) current account debit balance
  D) profit and loss credit balance
  Show Answer
  The correct answer is C .
• Question 1253: When is a petty cash account debited? Options:
  A) When the fund is established and every time money is spent
  B) When the fund is established and every time it is replenished
  C) When the fund is established and when the size of the float is decreased
  D) Every time money is drawn from the petty cash
  Show Answer
  The correct answer is B .
• Question 1254: The accumulation fund of a non-trading concern can equally be referred to as? Options:
  A) members' equity
  B) share capital
  C) general fund
  D) surplus fund
  Show Answer
  The correct answer is A .
• Question 1255:

  The objective of departmentalization is to

  Options:
  A) ensure that departmental managers are adequately monitored
  B) record transactions for each department for better documentation
  C) tackle any recording problem as a result of expansion
  D) evaluate the profit of different departments
  Show Answer
  The correct answer is D .
• Question 1256: If a promoter pays a lawyer ₦5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit? Options:
  A) preliminary expenses, credit cash accounts
  B) promoter, credit creditors' accounts
  C) lawyer's credit cash accounts
  D) cash , credit incorporation accounts
  Show Answer
  The correct answer is A .
• Question 1257:

  Use the information below to answer questions

  Balance as per cash book................₦13560

  Unpresented cheques.....................₦5120

  Uncredited lodgements...................₦2300

  Dividend received not entered

  In the cash book........................₦2000

  Bank charges............................₦280

  Standing order payments.................₦600

  Balance as per bank statement............?

  Calculate the balance in the bank statement.

  Options:
  A) ₦14 680
  B) ₦15 560
  C) 17 500
  D) 16 380
  Show Answer
  The correct answer is C .
• Question 1258:

  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 1259:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.? Options:
  A) ₦11,000
  B) ₦7,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 1260:

  The account where the profit are distributed to the partner in their profit sharing ratio in partnership

  Options:
  A) appropriation account
  B) profit and loss account
  C) balance sheet
  D) trading account
  Show Answer
  The correct answer is A .