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 1291: The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit Options:
  A) capital and debit liabilities
  B) liabilities and credit assets
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is C .
• Question 1292: The major function of accounting bodies in Nigeria is to? Options:
  A) provide proper financial management of businesses
  B) provide good remuneration to the members
  C) promote the ethics of the profession
  D) show the dynamic nature of the profession
  Show Answer
  The correct answer is C .
• Question 1293: Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of ₦9 000. In one accounting period, the business recorded a loss of ₦1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be? Options:
  A) Faruk, (₦450); Osawe, (₦1 050)
  B) Faruk, (₦3 150); Osawe, (₦7350)
  C) Faruk, (2 250); Osawe, (₦7 350)
  D) Faruk, (₦450); Osawe, (₦1 050)
  Show Answer
  The correct answer is D .
• Question 1294:

  Given:

  ....................January.............December

  Assets................₦28,320.............₦25,320

  Creditors.............₦5,620..............₦10,320

  The proprietor made drawings of ₦755 per month for personal use.

  The profit for the period is?

  Options:
  A) ₦3000
  B) ₦1,360
  C) ₦9060
  D) ₦7700
  Show Answer
  The correct answer is B .
• Question 1295:

  The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called

  Options:
  A) matching
  B) business entity
  C) going concern
  D) historical cost
  Show Answer
  The correct answer is C .
• Question 1296: Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a Options:
  A) credit note
  B) debit note
  C) journal voucher
  D) way bill
  Show Answer
  The correct answer is A .
• Question 1297:

  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 1298: Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure. Options:
  A) ₦19,650
  B) ₦18,650
  C) ₦17,850
  D) N₦16,850
  Show Answer
  The correct answer is B .
• Question 1299:

  Given:Drawings - #3,500

  Net loss - #2,500

  Capital 1/1/2007 - #35,000

  Additional capital - #10,000The adjusted capital as at 31/1/2007 is

  Options:
  A) #35,000
  B) #39,000
  C) #45,000
  D) #46,000
  Show Answer
  The correct answer is C .
• Question 1300: Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance? Options:
  A) Error by the bank
  B) Undercasting of the cash book
  C) Overcasting of the cash book
  D) Bank service charges
  Show Answer
  The correct answer is A .