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 271:

  Use the information below to answer question .

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

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

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

  The provision for bad debt is?

  Options:
  A) ₦2000
  B) ₦800
  C) ₦3000
  D) ₦1900
  Show Answer
  The correct answer is A .
• Question 272: Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? Options:
  A) a book value of ₦14 per share
  B) a book value of ₦20 per share
  C) a deficit of ₦420,000
  D) retained earnings of ₦600,000
  Show Answer
  The correct answer is B .
• Question 273:

  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 274: The gross profit disclosed in the branch stock adjustment account represents? Options:
  A) head office profit
  B) unrealized profit
  C) estimated profit
  D) branch profit
  Show Answer
  The correct answer is D .
• Question 275:

  When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

  Options:
  A) Price above or below the stipulated price
  B) Any price but not below the transfer price
  C) Cost price
  D) A price that is equal to the mark up
  Show Answer
  The correct answer is A .
• Question 276:

  A partnership on admitting a new member, revalued the business' land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be

  Options:
  A) credited to land and building account
  B) debited to asset revaluation account
  C) credited to asset revaluation account
  D) credited to profit and loss appropriation account
  Show Answer
  The correct answer is C .
• Question 277:

  Use the information below to Answer questions 46 and 47.

  Among Limited invoiced goods at a cost of ₦10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth ₦1,200 at invoice price to the head office.

  The profit marginal should be?

  Options:
  A) debit to goods sent to branch account
  B) debit to branch stock adjustment account
  C) credit to branch adjustment account
  D) credit to branch stock adjustment account
  Show Answer
  The correct answer is D .
• Question 278: Use the information below to answer questions .On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.Calculate the yearly depreciation expense using the straight line method. Options:
  A) ₦11 000
  B) ₦11 200
  C) ₦11 400
  D) ₦11 300
  Show Answer
  The correct answer is A .
• Question 279: The main features of the single system are that? Options:
  A) books of accounts are not maintained and business relies only on bank statement
  B) the journal records are absent and only the main ledger is kept 7
  C) there are incomplete classifications and recording procedures
  D) only credit sales transactions and credit purchase are recorded
  Show Answer
  The correct answer is C .
• Question 280: An income and expenditure account is a summary of Options:
  A) all income and expenditure during a period
  B) revenue income and expenditure during a period
  C) receipts and payments during a period
  D) the trading income a period
  Show Answer
  The correct answer is B .