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 281:

  The formularfor calculating depreciation using straight line method is

  Options:
  A) Cost-scrap value/useful life
  B) Scrap value+sales/useful life
  C) Sales-scrap value/useful life
  D) Purshases+sales/useful life
  Show Answer
  The correct answer is A .
• Question 282:

  

  The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal.

  The correct closing balance for Lawal's current account is

  Options:
  A) ₦21 100 debit
  B) ₦14 740 debit
  C) ₦14 740 credit
  D) ₦540 credit
  Show Answer
  The correct answer is C .
• Question 283:

  The part of capital issued only at the time of liquidation of the company is

  Options:
  A) issued capital
  B) called-up capital
  C) paid-up capital
  D) reserved capital
  Show Answer
  The correct answer is D .
• Question 284:

  The control account is used in facilitating?

  Options:
  A) the various location of errors in the various accounts
  B) up to date bank transactions
  C) the payment of debts and liabilities of the firm
  D) assets distribution with respect to income
  Show Answer
  The correct answer is A .
• Question 285: To write off bad debt, debt? Options:
  A) debtor's account and credit provision for bad debt
  B) bad debt account and credit debtor's account
  C) debtor's account credit bad debt
  D) provision for bad debt account and credit debtor's account
  Show Answer
  The correct answer is B .
• Question 286: The book into which all types of a ministry's expenditure are recorded is the Options:
  A) ledger book
  B) payment book
  C) vote book
  D) expenditure book
  Show Answer
  The correct answer is C .
• Question 287:

  A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

  Options:
  A) N29,200
  B) N17,800
  C) N32,800
  D) N19,600
  Show Answer
  The correct answer is C .
• Question 288:

  CR. DR.

  Sales ledger balance 9, 500

  Sales ledger balance 420

  Bought ledgers balance 6, 115

  Bought ledger balance 350

  Credit sales 82, 000

  Purchases journal 54, 700

  Discount allowed 450

  Discount received 200

  Cash refunded to customers (debtors) 120

  Purchases ledger balance 250

  Sales ledger balance 120 The amount brought down in the sales ledger control account would be

  Options:
  A) ₦9, ₦1740; ₦120
  B) ₦90, ₦990
  C) ₦90, ₦870; ₦120
  D) ₦80, ₦750
  Show Answer
  The correct answer is C .
• Question 289:

  NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

  Capital ₦74480
  Creditors ₦15875
  Prepaid expenses ₦580
  Motor vehicles ₦34750
  Furniture ₦35850
  Accrued expenses ₦645
  Stock ₦8100
  Cash balances ₦9911
  Debtors ₦1809

  Compute the value of current assets?

  Options:
  A) ₦20400
  B) ₦20465
  C) ₦35695
  D) ₦19820
  Show Answer
  The correct answer is A .
• Question 290: The Asa branch of Emene company Ltd, made a sales of ₦549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were ₦34,400 and there were no discrepancies, what should be the profit of the branch for the period? Options:
  A) ₦6,500
  B) ₦64,600
  C) ₦85,380
  D) ₦514,600
  Show Answer
  The correct answer is C .