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 301: If salary account is debited instead of stationery account, the error committed is that of? Options:
  A) commission
  B) omission
  C) principle
  D) compensation
  Show Answer
  The correct answer is A .
• Question 302:

  Given:Drawings - #3,500

  Net loss - #2,500

  Capital 1/1/2007 - #35,000

  Additional capital - #10,000The adjusted capital as at 31/1/2007 is

  Options:
  A) #35,000
  B) #39,000
  C) #45,000
  D) #46,000
  Show Answer
  The correct answer is C .
• Question 303: The capital of not-for-profit-making organization is referred to as? Options:
  A) entity fund
  B) capital owned
  C) accumulated fund
  D) capital employed
  Show Answer
  The correct answer is C .
• Question 304:

  A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

  What is N's share of the expense?

  Options:
  A) ₦10 000
  B) ₦15 000
  C) ₦18 000
  D) ₦20 000
  Show Answer
  The correct answer is B .
• Question 305:

  Yola Social Club

  Statement of Account 1998 financial year

  31/12/98:

  Subscription in arrears ₦21,000

  Subscription in advance ₦12,000

  Receipt during 1999: Arrears 1998 ₦21,000

  Dues 1999 ₦48,000

  Advance 2000 ₦11,000

  The subscription transferable to the income and expenditure account is?

  Options:
  A) ₦48,000
  B) ₦59,000
  C) ₦60,000
  D) ₦69,000
  Show Answer
  The correct answer is C .
• Question 306:

  To account for expenses paid by head office on behalf of the branch, the branch should___________

  Options:
  A) Debit profit and loss account and credit head office account
  B) Debit head office account and credit cash
  C) Credit cash and debit profit and loss account
  D) Credit profit and loss account and debit head office account
  Show Answer
  The correct answer is A .
• Question 307: Capital for a profit making organization is generated through Options:
  A) Subscription
  B) shares
  C) donation
  D) gift
  Show Answer
  The correct answer is B .
• Question 308: The difference between the closure of the books of a branch and those of a separate company is that? Options:
  A) there is retained earnings account on the branch books
  B) the revenue and expenses account is closed to branch current account
  C) there is no retained earnings account on the branch
  D) the revenue and expenses account is not closed to the home office current account
  Show Answer
  The correct answer is A .
• Question 309: The type of expense charged against administration of a firm is the? Options:
  A) repairs on building
  B) interesr paid on loan
  C) discount allowed
  D) tax expense
  Show Answer
  The correct answer is A .
• Question 310: Fatima withdraws goods from the business for personal use. the accounting treatment is to debit? Options:
  A) stock account and credit profit and loss account
  B) drawings account and credit stock account
  C) profit and loss account and credit drawing account
  D) stock account and credit drawings account
  Show Answer
  The correct answer is B .