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: To write off bad debt, debt? Options:
  A) debtor's account and credit provision for bad debt
  B) bad debt account and credit debtor's account
  C) debtor's account credit bad debt
  D) provision for bad debt account and credit debtor's account
  Show Answer
  The correct answer is B .
• Question 142: 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 143: In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses? Options:
  A) ₦360
  B) ₦355
  C) ₦350
  D) ₦305
  Show Answer
  The correct answer is A .
• Question 144: What is the net profit? Options:
  A) ₦46,000
  B) ₦45,000
  C) ₦28,000
  D) ₦27,000
  Show Answer
  The correct answer is C .
• Question 145: Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ₦20 000, ₦15 000 and ₦5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to ₦5 500.Calculate the profit for Adamu? Options:
  A) ₦583
  B) ₦1 000
  C) ₦1 167
  D) ₦1 750
  Show Answer
  The correct answer is B .
• Question 146: The current growth in the volume of trading and financial dealings in Nigeria is helped by? Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 147:

  The manufacturing account is prepared to ascertain

  Options:
  A) cost of goods sold
  B) cost of production
  C) Gross profit
  D) Finished goods
  Show Answer
  The correct answer is B .
• Question 148: The double principle of accounting was developed by? Options:
  A) Frank Wood
  B) Luca Pacioli
  C) Akintola Williams
  D) William Pickles
  Show Answer
  The correct answer is B .
• Question 149:

  Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002.

  1500 ordinary shares were fully subscribed for and their monies received as below:On application .........................₦0.40

  On allotment ...........................₦0.20

  First call (including premium of₦0.50)..₦0.70What is the balance of the ordinary share capital account after the first call was received?

  Options:
  A) ₦300
  B) ₦1050
  C) ₦1200
  D) 1950
  Show Answer
  The correct answer is C .
• Question 150:

  Cash Book (Extract)
  	₦		₦
  Balance b/f	2,200	Sundry expenses	16,800
  		Drawings	4,700
  Receipt from customers	16,400	Suppliers	7,300

  Debtors opening and closing balances amount to ₦6,500 and ₦7,600 respectively, What is the sales value?

  Options:
  A) ₦15,300
  B) ₦17,500
  C) ₦28,400
  D) ₦31,600
  Show Answer
  The correct answer is B .