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 11: The account where the profit are distributed to the partner in their profit sharing ratio in partnership Options:
  A) trading account
  B) appropriation account
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is B .
• Question 12:

  Given:

  Prepaid b/f.......................₦10 000

  Cash paid during the year.........₦20 000

  The amount to be charged to the profit and loss account is?

  Options:
  A) ₦30 000
  B) ₦25 000
  C) ₦5 000
  D) 20 000
  Show Answer
  The correct answer is B .
• Question 13:

  

  How much selling and distribution expenses is apportioned to department M?

  Options:
  A) ₦800
  B) ₦600
  C) ₦400
  D) ₦1800
  Show Answer
  The correct answer is A .
• Question 14:

  In dealing with incomplete record, fixed assets are posted to___________-

  Options:
  A) Profit and loss account as brought forward figure
  B) Closing balance sheet as carried forward figure
  C) Closing balance sheet as brought forward figure
  D) Profit and loss as carried forward figure
  Show Answer
  The correct answer is C .
• Question 15: Which fund is used to meet unforeseen or urgent expenditure Options:
  A) General reserve fund
  B) Consolidated Reserve Fund
  C) contingencies fund
  D) special fund
  Show Answer
  The correct answer is B .
• Question 16:

  	₦
  Manufacturing wages	42,000
  Factory rent	880
  Raw materials: Stock 1/1/16	1,000
  Purchases	16,000
  Stock 31/12/16	1,400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  What is the value of the indirect manufacturing cost?

  Options:
  A) ₦57,900
  B) ₦18,200
  C) ₦20,300
  D) ₦23,000
  Show Answer
  The correct answer is C .
• Question 17: According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the? Options:
  A) Consolidated Revenue Fund
  B) Federation Account
  C) Revenue Mobilization Allocation and Fiscal Commission's Account
  D) Equalization Fund
  Show Answer
  The correct answer is A .
• Question 18:

  Use the information below to answer the question:

  Debtors.................................₦20

  Provision for bad debts..................10%

  Provision for discount on debtors........5%

  Determine the amount provided for discount allowed on debtors

  Options:
  A) ₦1000
  B) ₦3000
  C) ₦900
  D) ₦1500
  Show Answer
  The correct answer is A .
• Question 19:

  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 .
• Question 20:

  CR. DR.

  Sales ledger balance 9, 500

  Sales ledger balance 420

  Bought ledgers balance 6, 115

  Bought ledger balance 350

  Credit sales 82, 000

  Purchases journal 54, 700

  Discount allowed 450

  Discount received 200

  Cash refunded to customers (debtors) 120

  Purchases ledger balance 250

  Sales ledger balance 120 The amount brought down in the sales ledger control account would be

  Options:
  A) ₦9, ₦1740; ₦120
  B) ₦90, ₦990
  C) ₦90, ₦870; ₦120
  D) ₦80, ₦750
  Show Answer
  The correct answer is C .