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:

  Given:Furniture and fittings..................₦20,000

  Equipment...............................₦15,000

  Bank overdrafts.........................₦6, 500

  Bar creditors...........................₦4,800

  Subscription in arrears.................₦4,700

  Subscription in advance.................₦650What is the accumulated fund?

  Options:
  A) 23,700
  B) 27,750
  C) 29,650
  D) 51,650
  Show Answer
  The correct answer is B .
• Question 262: Use the information below to answer questionRakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, ₦200 on March 31 and ₦300 on September 30. Joy, ₦100 on April 1 and ₦240 on July 1.Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance? Options:
  A) ₦340,000 credit
  B) ₦349,75 debit
  C) ₦500.00 credit
  D) ₦511.25 debit
  Show Answer
  The correct answer is C .
• Question 263:

  Given:

  I. Settlement of debts
  II. Cessation of business
  III. Introduction of assets
  IV. Disposal of assets

  Which of these constitutes dissolution of partnership?

  Options:
  A) I,II and III only
  B) I,II and IV only
  C) II and IV only
  D) II and III and IV only
  Show Answer
  The correct answer is B .
• Question 264:

  When the goods are sold on credit to a buyer, the account receivable account will be

  Options:
  A) debit and credit
  B) contra entry
  C) debited
  D) credited
  Show Answer
  The correct answer is C .
• Question 265:

  Purchase of raw materials - #330,000

  Closing stock of raw materials - #80,000

  Direct wages - #30,000

  Carriages of raw materials - #10,000Determine the prime cost

  Options:
  A) #525,000
  B) #515,000
  C) #465,000
  D) #365,000
  Show Answer
  The correct answer is D .
• Question 266:

  Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  Options:
  A) Kola 1/3, Sunday 1/3 and Kemi 1/3
  B) Kola 1/5, Sunday 1/5 and Kemi 3/5
  C) Kola 2/5, Sunday 1/5 and Kemi 2/5
  D) Kola 2/5, Sunday 2/5 and Kemi 1/5
  Show Answer
  The correct answer is D .
• Question 267:

  The rules of double entry states that

  Options:
  A) for every debit entry, there must be a corresponding debit entry
  B) for every credit entry, there must be a corresponding credit entry
  C) all transactions must be recorded in two accounts, one account is debited and another is credited
  D) all transaction must be credited
  Show Answer
  The correct answer is C .
• Question 268:

  The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

  Options:
  A) capital reserve
  B) net loss
  C) revenue reserve
  D) net income
  Show Answer
  The correct answer is A .
• Question 269:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachCalculate the cost of goods available for sale using LIFO

  Options:
  A) #801,000
  B) #1,100,500
  C) #1,160,500
  D) #1,175,500
  Show Answer
  The correct answer is D .
• Question 270:

  

  Calculate the value of credit sales

  Options:
  A) ₦484 000
  B) ₦448000
  C) ₦584 000
  D) ₦558 000
  Show Answer
  The correct answer is C .