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 331: Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including? Options:
  A) partners' salaries
  B) interest on capital
  C) partners' drawings
  D) interest on loans
  Show Answer
  The correct answer is D .
• Question 332:

  Use the information below to answer question.

  Given:

  Fixed assets: ₦85,600
  Sales: ₦197,000
  Stock: ₦34,300
  Salaries: ₦37,000
  Purchases: ₦127,700
  Share capital: ₦120,000
  Creditors: ₦16,050
  Motor expenses: ₦10,500
  Debtors: ₦25,000

  What is the cash balance?

  Options:
  A) ₦12,095
  B) ₦12,590
  C) ₦12,905
  D) ₦12,950
  Show Answer
  The correct answer is D .
• Question 333: Which of the following item is found on the credit side of the sales ledger control account? Options:
  A) Discount received
  B) Dishonoured cheques
  C) Credit sals
  D) Bills receivable
  Show Answer
  The correct answer is C .
• Question 334:

  Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

  Debit:

  Jan. 1, cost ................₦1950 000

  Dec.31, Addition ............ ₦400 000

  Credit:

  Jan. 1, Depreciation ........₦1360 000

  June 30, Sales proceeds...... ₦700 000

  The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?

  Options:
  A) ₦250 000 loss
  B) ₦50 000 loss
  C) ₦450 000 profit
  D) ₦575 000 profit
  Show Answer
  The correct answer is C .
• Question 335: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 336: Cost classification in relation to charges is determined by the level of? Options:
  A) raw materials
  B) labour
  C) activity
  D) profitability
  Show Answer
  The correct answer is C .
• Question 337:

  The accounting entries for goods stolen in branch will be to debit

  Options:
  A) profit and loss account and credit branch stock account
  B) branch stock account and credit branch adjustment account
  C) branch adjustment account and credit profit and loss account
  D) branch adjustment account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 338:

  Use the information above to answer question 9 and 10.

  Period 1:

  ........Cash to petty cashier.............₦1000

  ........Petty cashier pays out............₦780

  Period 2:

  ........Petty cashier pays out............₦840

  If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

  Options:
  A) 160
  B) 840
  C) 1000
  D) 1040
  Show Answer
  The correct answer is D .
• Question 339: Which of the following is used to update the cash book in bank reconciliation? Options:
  A) Interest received and unpresented cheques
  B) Commission and debit note
  C) Unpresented cheques and direct credit
  D) Interest received and direct credit
  Show Answer
  The correct answer is D .
• Question 340: The price paid by an acquiring company is the? Options:
  A) premium
  B) purchase consideration
  C) sales consideration
  D) conversion fee
  Show Answer
  The correct answer is B .