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 1431: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 1432: Which of the following branches of accounting was first developed? Options:
  A) Cost accounting
  B) Financial acounting
  C) Management accounting
  D) Petroleum accounting
  Show Answer
  The correct answer is B .
• Question 1433:

  Use the information below to answer the question:

  Opening balance.............................₦10,640
  Purchases...................................₦26,912
  Returns inwards.............................₦492
  Returns outwards............................₦810
  Cash discount received......................₦1,348
  Cash discount allowed.......................₦1,560
  Cash paid to suppliers......................₦20,808

  At the year end, the purchases ledger showed a debit balance of ₦108.

  The total on the debit side of the purchases ledger control account will be?

  Options:
  A) ₦22,966
  B) ₦22,156
  C) ₦21,834
  D) ₦21054
  Show Answer
  The correct answer is A .
• Question 1434:

  One of the major features of book keeping is that it

  Options:
  A) is futuristic in nature
  B) accepts responsibility for all wrong postings
  C) provides permanent records for all financial transactions
  D) does not give room for double entry procedure
  Show Answer
  The correct answer is C .
• Question 1435:

  

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

  Compute the subscriptions received.

  Options:
  A) ₦30000
  B) ₦28000
  C) ₦24000
  D) ₦20000
  Show Answer
  The correct answer is D .
• Question 1436: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 1437: The main reason for adopting a departmental account is to? Options:
  A) record transactions for each department for betterdocumentation
  B) tackle any recording problem as a result of expansion
  C) continuously evaluate the profitability of different departments
  D) ensure that departmental mangers are adequately monitored
  Show Answer
  The correct answer is C .
• Question 1438: Provision for discount allowed can be recorded as debit to? Options:
  A) the profit and loss account and a credit to provision for discount allowed
  B) provision for discount allowed and a credit to the profit and loss account
  C) discount allowed and a credit to the profit and loss account
  D) expenses and a credit to customers' account
  Show Answer
  The correct answer is A .
• Question 1439:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  What is the Gross Profit on percentage of sale?

  Options:
  A) 2.7%
  B) 0.27%
  C) 27.0%
  D) 29.8%
  Show Answer
  The correct answer is C .
• Question 1440: In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are Options:
  A) business purchase account and ordinary share capital account
  B) Business purchase account, vendor account and ordinary share capital account
  C) business purchase account and vendor account
  D) ordinary share capital account, vendor account and unpaid share capital account
  Show Answer
  The correct answer is B .