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 261: Abba offers 5% cash discount on goods worth ₦10 000, The discount allowed account is to be? Options:
  A) debited with ₦10 000
  B) credited with ₦10 000
  C) debited with ₦500
  D) credited with ₦500
  Show Answer
  The correct answer is C .
• Question 262: Salaries in arrears is treated in the balance sheet as a Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) long term liability
  Show Answer
  The correct answer is B .
• Question 263:

  	N
  Direct material	2,500
  Direct labour	5,000
  Direct expenses	1,000
  Overhead expenses	1,500

  Use the information contained in the table to answer the question below.

  From the data above, compute the prime cost. 

  Options:
  A) N6,500
  B) N8,500
  C) N6,000
  D) N7,500
  Show Answer
  The correct answer is B .
• Question 264:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  Calculate the subscriptions in the Income and expenditure account

  Options:
  A) 8400
  B) 7400
  C) 6400
  D) 7200
  Show Answer
  The correct answer is B .
• Question 265:

  Given:Capital ...........₦1000

  Liabilities........₦500

  Assets.............₦1500

  The accounting equation can be expressed as?

  Options:
  A) ₦1000 + ₦500 + ₦1500 = ₦3000
  B) ₦1000 - ₦500 + ₦1500 = ₦2000
  C) ₦1000 + ₦500 = ₦1500
  D) ₦1500 + ₦500 = ₦2000
  Show Answer
  The correct answer is C .
• Question 266:

  Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

  Options:
  A) Sule1/3, Ahmed1/3, Khadija 1/3
  B) Sule1/3, Ahmed1/3, Khadija 1/3
  C) Sule1/5, Ahmed1/5, Khadija3/5
  D) Sule2/5, Ahmed1/5, Khadija2/5
  Show Answer
  The correct answer is B .
• Question 267: An entry in a subsidiary book which does not form part of the double entry system is a? Options:
  A) contra entry
  B) journal entry
  C) single entry
  D) memorandum entry
  Show Answer
  The correct answer is D .
• Question 268:

  Given:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 269:

  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 270:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .