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 181:

  I. Members subscription

  II. Fines from members

  III. Donation

  IV. Loan from bank From the informaation above, sources of income for a Not-for-profit-making organization include

  Options:
  A) I,III,IV
  B) I,II,III
  C) I,II,IV
  D) I and IV
  Show Answer
  The correct answer is B .
• Question 182: The necessary accounts to be opened on the issue of ordinary share capital are? Options:
  A) preference share capital, cash and allotment accounts
  B) bank and ordinary share capital accounts
  C) cash and ordinary share capital accounts
  D) nominal value and ordinary share capital accounts
  Show Answer
  The correct answer is B .
• Question 183:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 184:

  Use the information below to answer questions

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  What is the amount of the additional capital?

  Options:
  A) ₦900
  B) ₦900 000
  C) ₦90 000
  D) ₦9 000
  Show Answer
  The correct answer is D .
• Question 185:

  The major source of document which enables employer to calculate  the employee wages  is the?

  Options:
  A) norminal roll of employees
  B) records of number of hours worked
  C) effort of the employee
  D) Record of independence per employee
  Show Answer
  The correct answer is B .
• Question 186:

  Given:

  Capital at start.......................₦3250
  Capital at close ......................₦6250
  Additional capital during the period...₦1000

  Calculate the profit or loss?

  Options:
  A) ₦8500 profit
  B) ₦2000 loss
  C) ₦2000 profit
  D) ₦8500 loss
  Show Answer
  The correct answer is C .
• Question 187: Which of the following condition would attract credit and debit notes to be used? Options:
  A) When goods are received from supplier
  B) When a trial balance is extracted
  C) When a buyer is under or over charged
  D) When goods are sold to a buyer
  Show Answer
  The correct answer is C .
• Question 188: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .
• Question 189:

  Given:

  Authorized Capital: N

  100,000 ordinary shares of ₦1 eash

  Issued and fully paid:

  50,000 ordinary shares of ₦1 each 50,000

  10, 000 8% perference shares

  Of ₦1 each

  Reserves 10,000

  Creditors 25,000

  Debtors 13 000

  Cash in hand 5000

  Determine the net current assets

  Options:
  A) ₦43,000
  B) ₦28,000
  C) ₦13,000
  D) ₦3,000
  Show Answer
  The correct answer is D .
• Question 190:

  Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

  Options:
  A) conversion
  B) dissolution
  C) merger
  D) absorption
  Show Answer
  The correct answer is C .