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 241: Which of the following cannot be realized? Options:
  A) creditors
  B) debtors
  C) motor vehicles
  D) goodwill
  Show Answer
  The correct answer is D .
• Question 242:

  Use the information below to answer the question.

  On January 1, 2000, a club's assets and liabilities were as follows:

  Club house...................₦8,000
  Subscription.................₦300
  Cash.........................₦1,000
  Wages owed...................₦100

  The club has 50 members, and the annual subscription is ₦100 per member.

  Subscription received is ₦4,000, and this includes 1999 arrears of ₦200.

  The accumulated fund is

  Options:
  A) ₦9,400
  B) ₦9,300
  C) ₦9,200
  D) ₦9,100
  Show Answer
  The correct answer is C .
• Question 243:

  1. The amount of the imprest is the same from one organization to another

  11.At the end of a fixed period, the petty cashier received a fixed sum of money.

  111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

  1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

  Options:
  A) 1, 11 and 111
  B) 1, 111 and 1V
  C) 11 and 1V
  D) 111 and 1V
  Show Answer
  The correct answer is C .
• Question 244:

  Given:

  Liabilities..............₦23,700
  Current assets...........₦20,300
  Fixed assets.............₦64,500

  What is the capital introduced by the proprietor?

  Options:
  A) ₦40,800
  B) ₦61,100
  C) ₦88,200
  D) ₦108 500
  Show Answer
  The correct answer is B .
• Question 245: Which of the following is not a proper form of the accounting equation Options:
  A) fixed assets + current assets - liabilities = capital
  B) fixed assests + current assests + liabilities = capital
  C) fixed assets – liabilities + current assets = capital
  D) fixed asset + current asset – capital = liabilities
  Show Answer
  The correct answer is B .
• Question 246:

  Use the information below to answer questions

  Turnover...........................₦120 000

  Net profit before tax..............₦40 000

  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000

  Preference shares..................₦6 000

  Corporate tax is 30%...............₦10 000

  The undistributed profit carried forward is?

  Options:
  A) ₦68 000
  B) ₦20 000
  C) ₦74 000
  D) ₦34 000
  Show Answer
  The correct answer is A .
• Question 247:

  Which of the following are sources of revenue to state government in Nigeria?

  I Statutory allocation
  II Fines from customary courts
  III Petroleum tax
  IV Income tax

  Options:
  A) I and II only
  B) II and III
  C) I and IV
  D) III and IV
  Show Answer
  The correct answer is C .
• Question 248: Control accounts help to verify the arithmetic accuracy of the postings from the? Options:
  A) subsidiary books into the trial balance
  B) ledger into the trial balance
  C) journals into the ledgers
  D) subsidiary books into the ledgers
  Show Answer
  The correct answer is D .
• Question 249: The details of the share capital which a company is authorized to issue is contained in the Options:
  A) Articles of Association
  B) Companies and Allied Matters Act
  C) Memorandum of Association
  D) Share capitak certificate
  Show Answer
  The correct answer is C .
• Question 250: What is the net working capital? Options:
  A) ₦2,600
  B) ₦1,800
  C) ₦800
  D) ₦600
  Show Answer
  The correct answer is C .