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: The transactions relating to liquidation in partnership account is drawn by using? Options:
  A) current account
  B) cash account
  C) capital account
  D) realization account
  Show Answer
  The correct answer is C .
• Question 242: A non-profit-making organization differs from a profit-making one in that? Options:
  A) it does not earn income
  B) proceeds from sale of shares form part of its income
  C) all its income is committed
  D) annual subscriptions and levies form part of its income
  Show Answer
  The correct answer is D .
• Question 243: Determine the total expenses to be charged to profit and loss account? Options:
  A) ₦2 350
  B) ₦1 600
  C) ₦800
  D) ₦3 150
  E) NO OPTION
  Show Answer
  The correct answer is E .
• Question 244:

  Which fund is used to meet unforeseen or urgent expenditure

  Options:
  A) special fund
  B) contigencies fund
  C) general reserve fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 245:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 246:

  Bello withdraws cash from bank to office, this is called ---------- entry

  Options:
  A) credit
  B) contra
  C) double
  D) debit
  Show Answer
  The correct answer is B .
• Question 247:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .
• Question 248:

  Lubricating oil and spare parts of machines are example of?

  Options:
  A) indirect expense
  B) direct expense
  C) indirect material
  D) direct material
  Show Answer
  The correct answer is B .
• Question 249: The estimated profit or loss for a period is calculated by Options:
  A) closing capital less opening capital add drawings
  B) opening capital less closing capital add drawings
  C) opening capital less drawings add closing capital
  D) opening capital add closing add drawings
  Show Answer
  The correct answer is A .
• Question 250:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  The yearly depreciation using the straight-line method would be

  Options:
  A) ₦5200
  B) ₦800
  C) ₦6500
  D) ₦4400
  Show Answer
  The correct answer is A .