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 1341: 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 1342:

  Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

  Debit:

  Jan. 1, cost ................₦1950 000

  Dec.31, Addition ............ ₦400 000

  Credit:

  Jan. 1, Depreciation ........₦1360 000

  June 30, Sales proceeds...... ₦700 000

  The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

  Options:
  A) ₦280,000
  B) ₦289,000
  C) ₦250,000
  D) ₦340,000
  Show Answer
  The correct answer is C .
• Question 1343: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 1344:

  Forlah, a stock broker bought stationery for₦12,000 by cash. To record this transaction, debit

  Options:
  A) cash and credit stationery
  B) purchases and credit stationery
  C) stationery and credit purchases
  D) stationery and credit cash
  Show Answer
  The correct answer is D .
• Question 1345:

  Given:

  I. Cash refunds

  II. Debit note issued

  III. Dishonored cheque

  IV. Purchases

  The item on the credit side of purchases ledger control account includes

  Options:
  A) I,II and III only
  B) I and II only
  C) III and IV only
  D) I, III and IV only
  Show Answer
  The correct answer is D .
• Question 1346:

  Given:

  General expenses account.

  Paid by cheque..................₦671

  Paid by cash....................₦70

  Accrued b/f.....................₦65

  Accrued c/f.....................₦115Determine how much to be charged to profit and loss account?

  Options:
  A) ₦606
  B) ₦786
  C) ₦791
  D) ₦856
  Show Answer
  The correct answer is C .
• Question 1347: Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of? Options:
  A) omission
  B) principle
  C) commission
  D) original entry
  Show Answer
  The correct answer is B .
• Question 1348:

  Changes in the profit sharing ratio may occur as a result of

  I. skill contributed by partners
  II. health status
  III. old age
  IV. Intangible asset increase

  Options:
  A) I, III and IV
  B) I and III
  C) I, II and III
  D) I, II and IV
  Show Answer
  The correct answer is C .
• Question 1349:

  One of the limitations of accounting is that

  Options:
  A) it ascertain financial position
  B) it prevent fraud
  C) transactions are recorded in monetary terms
  D) it monitor the progress of the enterprise
  Show Answer
  The correct answer is C .
• Question 1350:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .