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 151:

  In the absence of partnership agreement, a loan by a partner attracts interest at

  Options:
  A) 20%
  B) 5%
  C) 10%
  D) 15%
  Show Answer
  The correct answer is B .
• Question 152:

  Use the information below to answer question .

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  The trial balance total is?

  Options:
  A) ₦9700
  B) ₦8700
  C) ₦7900
  D) ₦7800
  Show Answer
  The correct answer is A .
• Question 153:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheques}& 19404\\ \text{Cheques wrongly debited by bank}& 1404\end{array}$

  The balance as per bank statement is

  Options:
  A) ₦21,901
  B) ₦19,021
  C) ₦21,109
  D) ₦21,091
  Show Answer
  The correct answer is A .
• Question 154: The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is? Options:
  A) accruals
  B) materiality
  C) objectivity
  D) periodicity
  Show Answer
  The correct answer is A .
• Question 155:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Accumulated fund on 1st January 1993 is

  Options:
  A) ₦8 570
  B) ₦8 470
  C) ₦850
  D) ₦7 520
  Show Answer
  The correct answer is D .
• Question 156:

  Given:Furniture and fittings..................₦20,000

  Equipment...............................₦15,000

  Bank overdrafts.........................₦6, 500

  Bar creditors...........................₦4,800

  Subscription in arrears.................₦4,700

  Subscription in advance.................₦650What is the accumulated fund?

  Options:
  A) 23,700
  B) 27,750
  C) 29,650
  D) 51,650
  Show Answer
  The correct answer is B .
• Question 157:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  What is the opening cash balance

  Options:
  A) ₦20,600
  B) ₦8,050
  C) ₦3,650
  D) ₦8,500
  Show Answer
  The correct answer is C .
• Question 158: Subscription in arrears is treated in the balance sheet of a club as Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) intangible asset
  Show Answer
  The correct answer is B .
• Question 159:

  A member of a club paid ₦1,000 as is subscription for 1993 and ₦1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the ₦1,200 subscription will be treated in the balance sheet as

  Options:
  A) current asset
  B) current liability
  C) capital
  D) profit
  Show Answer
  The correct answer is B .
• Question 160: The expenditure on a good or services which is consumed either immediately or within a current accounting period is called Options:
  A) fixed expenditure
  B) capital expenditure
  C) annual expenditure
  D) recurrent expenditure
  Show Answer
  The correct answer is D .