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 291:

  Use the information below to answer question .

  Capital.....................N?

  Profit and loss.............₦3500

  Current assets..............N?

  Current liabilities.........₦2000

  Fixed assets................₦11000

  The company maintains a current ratio of 3:1.

  The capital balance is?

  Options:
  A) ₦95 00
  B) ₦12 500
  C) 11 500
  D) 10 00
  Show Answer
  The correct answer is B .
• Question 292:

  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 293: If a sole proprietorship is purchased for cash, then? Options:
  A) the purchaser debits his business purchase account with the consideration he pays
  B) all assets and liabilities must be bought
  C) goodwill results where value of assets
  D) the vendor debits his business purchase account with the considerstion he receives
  Show Answer
  The correct answer is A .
• Question 294:

  Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

  Options:
  A) 1 : 1
  B) 3 : 6
  C) 2 : 1
  D) 2 : 6
  Show Answer
  The correct answer is C .
• Question 295: X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of ₦150,000 is incurred jointly, what will be the portion attributable to X? Options:
  A) ₦37,500
  B) ₦62,500
  C) ₦87,500
  D) ₦100,000
  Show Answer
  The correct answer is B .
• Question 296:

  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 297: The loss of equipment in a fire disaster results in? Options:
  A) a decrease in current assets
  B) an increase in liabiities and assets
  C) a decrease in assets and capital
  D) an increase in liabilities and a decrease in assets
  Show Answer
  The correct answer is C .
• Question 298:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 299: An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the? Options:
  A) fixed assets ratio
  B) capital gearing ratio
  C) current assets ratio
  D) acid test ratio
  Show Answer
  The correct answer is D .
• Question 300: One of the options below have the same features as the profit and loss account in non-profit organization Options:
  A) Income and expenditure account
  B) profit and loss account
  C) receipts and payment account
  D) Non profit account
  Show Answer
  The correct answer is A .