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 161: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 162: If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at? Options:
  A) selling price
  B) Akure price
  C) company price
  D) Lagos price
  Show Answer
  The correct answer is C .
• Question 163: A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period? Options:
  A) ₦17,800
  B) ₦19,600
  C) ₦29,200
  D) ₦32,800
  Show Answer
  The correct answer is D .
• Question 164: In partnership dissolution, an asset taken over by a partner is debited to? Options:
  A) partners capital account and credited to realization account
  B) Partners capital account and credited to asset account
  C) asset account and credited to realization account
  D) realization account and credited to capital account
  Show Answer
  The correct answer is A .
• Question 165: The total credit sales for a period can be extracted from the Options:
  A) cash book
  B) sales day book
  C) petty cash book
  D) returns inwards
  Show Answer
  The correct answer is B .
• Question 166: A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000The yearly depreciation using the straight line method would be Options:
  A) #8,800
  B) #6,500
  C) #5,200
  D) #4,400
  Show Answer
  The correct answer is C .
• Question 167: The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is Options:
  A) cost
  B) prudence
  C) consistency
  D) entity
  Show Answer
  The correct answer is D .
• Question 168: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 169:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 170:

  In a non-profit making organisation, the excess of Assets over liabilities equals

  Options:
  A) capital
  B) capital employed
  C) capital owned
  D) accumulated funds
  Show Answer
  The correct answer is D .