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 receipt from a special tax levy to pay maturing interest obligation are recorded in Options:
  A) capital fund project
  B) Debt Service Fund
  C) Tax Assessment Fund
  D) Special Revenue Fund
  Show Answer
  The correct answer is C .
• Question 282: Control accounts help to verify the arithmetic accuracy of the postings from the? Options:
  A) subsidiary books into the trial balance
  B) ledger into the trial balance
  C) journals into the ledgers
  D) subsidiary books into the ledgers
  Show Answer
  The correct answer is D .
• Question 283: Goods returned to branch by customers is recorded in the head office books be debiting? Options:
  A) bank account and crediting branch stock account
  B) goods sent to branch account and crediting branch debtors''account
  C) branch stock account and crediting branch debtors account
  D) branch debtors' and credting cash acount
  Show Answer
  The correct answer is B .
• Question 284: An advantage of FIFO method of stock valuation is that Options:
  A) it serves-as a control during inflation
  B) it is calculated at the end of the year
  C) it is progressive in nature
  D) its flow of cost is in sequence with the flow of stock.
  Show Answer
  The correct answer is D .
• Question 285: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
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  The correct answer is C .
• Question 286:

  Which of the following cannot depreciate?

  Options:
  A) plant and machinery
  B) motor van
  C) premises
  D) land
  Show Answer
  The correct answer is D .
• Question 287:

  Accrual accounting differs from cash accounting because it recognizes

  Options:
  A) prepayment and cash
  B) cash and creditors
  C) cash and debtors
  D) debtors and creditors
  Show Answer
  The correct answer is D .
• Question 288:

  Sales Ledger Control Accuont (Extract)
  	₦		₦
  Bal. b/d	18,400	Bad debt written off	1,500
  Sales	?	Discount allowed	500
  		Cheque received from debtors	25,000
  		Cash received from debtors	10,000
  		Bal. c/d	?

  If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

  Options:
  A) ₦1400
  B) ₦6 600
  C) ₦16 600
  D) ₦18 600
  Show Answer
  The correct answer is A .
• Question 289: Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ₦20 000, ₦15 000 and ₦5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to ₦5 500.Calculate the profit for Adamu? Options:
  A) ₦583
  B) ₦1 000
  C) ₦1 167
  D) ₦1 750
  Show Answer
  The correct answer is B .
• Question 290:

  (i) Profits and looses will be shared unequally.

  (ii) Interest is not allowed on capital.

  (iii) Salaries are not allowed.

  (iv) Interest is charged on drawings.

  From the above, which of the following would apply where there is no agreement during partnership formation?

  Options:
  A) i only
  B) i, ii and iii
  C) i, ii and iv
  D) ii and iii
  Show Answer
  The correct answer is C .