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 1401:

  	₦
  Plant and Machinery	190000
  Motor Vehicle	170000
  Stock	60000
  Current Liabilities	50000
  Purchase consideration	400000

  The goodwill is

  Options:
  A) ₦110,000
  B) ₦30,000
  C) ₦90,000
  D) ₦80,000
  Show Answer
  The correct answer is B .
• Question 1402:

  Why are adjustments in the profit and loss account necessary?

  Options:
  A) To cover some expenses of the following year
  B) To show the provisions made during the year
  C) To show the total expenses paid and income received during the year
  D) To ascertain the actual expenses incurred and income earned during the year
  Show Answer
  The correct answer is D .
• Question 1403:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 1404: The excess revenue over expenditure is charged to Options:
  A) profit and loss
  B) revenue account
  C) accumulated fund
  D) income and expenditure acccount
  Show Answer
  The correct answer is C .
• Question 1405:

  Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

  Options:
  A) Sule1/3, Ahmed1/3, Khadija 1/3
  B) Sule1/3, Ahmed1/3, Khadija 1/3
  C) Sule1/5, Ahmed1/5, Khadija3/5
  D) Sule2/5, Ahmed1/5, Khadija2/5
  Show Answer
  The correct answer is B .
• Question 1406: A source document for the sales day book is? Options:
  A) a requisition form
  B) an invoice
  C) a customer advice
  D) a credit advice
  Show Answer
  The correct answer is B .
• Question 1407:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 1408:

  Dr. Sales Ledger Control Account . Cr

  	₦		₦
  Bal b/f	3,250	Bal b/f	125
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23430		23430
  Bal b/d	4740	Bal b/d	230

  The amount ₦19,075 represents

  Options:
  A) the double entry for the total sales account
  B) total sales for the month
  C) credit sales
  D) cash sales for the month
  Show Answer
  The correct answer is C .
• Question 1409:

  

  Subscriptions received are always put at 125% of the total donations received and refreshment sales.

  What is the closing cash balance?

  Options:
  A) ₦11500
  B) ₦12000
  C) ₦13000
  D) ₦13500
  Show Answer
  The correct answer is A .
• Question 1410:

  Current assets are shown in the balance sheet in order of performance as

  Options:
  A) debtors, stock, bank and cash
  B) stock, debtors, bank and cash
  C) stock, bank, debtors and cash
  D) debtors, stock, cash and bank
  Show Answer
  The correct answer is B .