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 141:

  Use the information below to answer this question
  At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
  ₦180,000 it is however discovered that revenue of
  ₦15,000 is recorded as expenses while expenses of
  ₦4,000 is recorded as revenue.

  The revenue to be added as an adjustment is

  Options:
  A) ₦34,000
  B) ₦4,000
  C) ₦30,000
  D) ₦15,000
  Show Answer
  The correct answer is C .
• Question 142:

  A partnership on admitting a new member, revalued the business' land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be

  Options:
  A) credited to land and building account
  B) debited to asset revaluation account
  C) credited to asset revaluation account
  D) credited to profit and loss appropriation account
  Show Answer
  The correct answer is C .
• Question 143: The major advantage of an imprest system is that it Options:
  A) ensures a proper accountability for every expenditure
  B) trains the young accountants in preparation for greater responsibilities
  C) relieves the cheif cashier of the numerous petty cash payments
  D) serves as an analysis column for every expenses
  Show Answer
  The correct answer is C .
• Question 144:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 145:

  	#
  Stock Jan1	2600
  Purchases	4000
  Carriage inwards	500
  Sales	9000
  Carriage outwards	500

  Determine the net profit

  Options:
  A) #4,000
  B) #4,500
  C) #5,000
  D) #1,400
  Show Answer
  The correct answer is D .
• Question 146: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 147: In converting a to a partnership company, the loss on asset revaluation is? Options:
  A) debited to the revaluation account
  B) debited to the profit and loss account
  C) credited to the revaluation account
  D) credited to the profit and loss account
  Show Answer
  The correct answer is B .
• Question 148:

  One of the options below is not the source of income for non - profit organization

  Options:
  A) ordinary shares
  B) donations
  C) subscription/dues
  D) entrance fees
  Show Answer
  The correct answer is C .
• Question 149:

  Departmental Trading Account (Extract)
  	Total (₦)	P (₦)	Q (₦)		Total (₦)	P (₦)	Q (₦)
  Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
  Purchases	4,000	2,500	1,500	Closing stock	2,000	1,500	500

  Goods worth ₦300 was transferred from department Q to P Similarly, P's total expenses for the period was ₦200.

  What was department Q's gross profit?

  Options:
  A) ₦2 500
  B) ₦2 300
  C) ₦2 200
  D) ₦1700
  Show Answer
  The correct answer is B .
• Question 150: If sales return is understated, it implies that ------------------------------ is overstated Options:
  A) return inward
  B) sales figure
  C) cost of sales
  D) return outward
  Show Answer
  The correct answer is B .