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: Goods stolen at the branch is debited to Options:
  A) branch stock account
  B) defalcations account
  C) branch debtors account
  D) branch adjustment account
  Show Answer
  The correct answer is D .
• Question 302:

  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 303: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit Options:
  A) cash account
  B) bank account
  C) suspense account
  D) purchases account
  Show Answer
  The correct answer is B .
• Question 304:

  (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 .
• Question 305: 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 306:

  	N
  Direct material	2,500
  Direct labour	5,000
  Direct expenses	1,000
  Overhead expenses	1,500

  Use the information contained in the table to answer the question below.

  From the data above, compute the prime cost. 

  Options:
  A) N6,500
  B) N8,500
  C) N6,000
  D) N7,500
  Show Answer
  The correct answer is B .
• Question 307: Depreciation on a particular piece of machinery was ₦2,700 during the fifth year of its service life and ₦4,050 during the sixth year. The logical explanation for this is that? Options:
  A) an addition was made to the asset during the sixth year
  B) the estimate of salvage value on this equipment was decreased
  C) a unit-of-output method of depreciation was used during the sixth year
  D) the estimate remaining service life of the assets was increased at the beginning of the sixth year
  Show Answer
  The correct answer is A .
• Question 308: In a period of declining price, which of the following methods would result in higher profit? Options:
  A) FIFO
  B) Simple average
  C) LIFO
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 309: 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 310: Receipt and payments account is a summary of the? Options:
  A) budget
  B) trading account
  C) cash book
  D) profit and loss account
  Show Answer
  The correct answer is C .