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 171: If a sole proprietorship is purchased for cash, then? Options:
  A) the purchaser debits his business purchase account with the consideration he pays
  B) all assets and liabilities must be bought
  C) goodwill results where value of assets
  D) the vendor debits his business purchase account with the considerstion he receives
  Show Answer
  The correct answer is A .
• Question 172: Receipts and payments accounts is the summary of? Options:
  A) income and expenditure
  B) cash book
  C) balance sheet
  D) profit and loss
  Show Answer
  The correct answer is B .
• Question 173: The formula for calculating depreciation using straight line method is Options:
  A) $\frac{\text{Scrape Value}+\text{Sales}}{Usefullife}$
  B) $\frac{\text{Cost }-\text{Scrape Value}}{Usefullife}$
  C) $\frac{\text{Sales }-\text{Scrape Value}}{Usefullife}$
  D) $\frac{\text{Purchases }+\text{Sales }}{Usefullife}$
  Show Answer
  The correct answer is B .
• Question 174:

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

  Options:
  A) 7 $\frac{1}{2}$ %
  B) 5%
  C) 15%
  D) 10%
  Show Answer
  The correct answer is B .
• Question 175:

  A provision for bad debt account had ₦3,800 at the beginning of the year and ₦4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?

  Options:
  A) ₦2,100,000
  B) ₦844,400
  C) ₦84,000
  D) ₦500,000
  Show Answer
  The correct answer is C .
• Question 176:

  Use the information below to answer the question

  ............PQ Manufacturing Company

  Raw materials (1/11/2001)...........₦3 500

  Raw materials (31/12/2001)..........₦4 900

  Purchase of raw materials...........₦56 000

  Salary .............................₦63 000

  Wages...............................₦148 000

  Factory lighting ...................₦3 080

  Plant Depreciation..................₦2 800

  Factory Insurance ..................₦2 170

  The company consumed raw materials worth?

  Options:
  A) ₦54 600
  B) ₦56 000
  C) ₦57 400
  D) 59 500
  Show Answer
  The correct answer is A .
• Question 177:

  Lawal and co makes blocks and sell to builders.

  In computing prime cost, which of the following costs would be considered appropriate?

  Options:
  A) Cement, sand and carriage outwards
  B) Water carriage inwards and cement
  C) Sales boys'wages, cement and sand
  D) Carriage outwards,carriage inwards and cement
  Show Answer
  The correct answer is A .
• Question 178:

  Sales Ledger
  	₦		₦
  Bal. b/d	20 000	Sales returns	10 000
  Sales	40 000	Discount allowed	1 000
  		Bal. c/d	?

  If cheques of ₦40 000 were received but a cheque of ₦8 000 was dishonoured, the amount owed was

  Options:
  A) ₦9 000
  B) ₦20 000
  C) ₦1000
  D) ₦17 000
  Show Answer
  The correct answer is C .
• Question 179: X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of ₦150,000 is incurred jointly, what will be the portion attributable to X? Options:
  A) ₦37,500
  B) ₦62,500
  C) ₦87,500
  D) ₦100,000
  Show Answer
  The correct answer is B .
• Question 180:

  An ordinary share of ₦100 was issued at ₦80. The share was issued at

  Options:
  A) premium
  B) par
  C) discount
  D) loss
  Show Answer
  The correct answer is C .