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 341: Use the information below to answer questions .On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.Calculate the yearly depreciation expense using the straight line method. Options:
  A) ₦11 000
  B) ₦11 200
  C) ₦11 400
  D) ₦11 300
  Show Answer
  The correct answer is A .
• Question 342: The account where the profit are distributed to the partner in their profit sharing ratio in partnership Options:
  A) trading account
  B) appropriation account
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is B .
• Question 343:

  The basic role of accounting is to?

  Options:
  A) detect fraud
  B) attest to financial statements
  C) measure performance
  D) protect shareholders
  Show Answer
  The correct answer is C .
• Question 344:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 345:

  Transfers from the head office to branches are best carried out at__________

  Options:
  A) Cost price
  B) Cost plus mark up
  C) Selling price
  D) Market price
  Show Answer
  The correct answer is B .
• Question 346:

  Given:

  Net profit b/d.....................₦10,000

  Interest on capital:...M...........₦2, 000

  .......................K...........₦1, 000

  Partners' on salary....K...........₦800

  Interest on drawings...M...........₦500

  Profit sharing ratio M and K 3:2

  Determine M's share of profit?

  Options:
  A) 6,280
  B) 4,020
  C) 2,820
  D) 2,280
  Show Answer
  The correct answer is B .
• Question 347:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  Determine the fixed assets

  Options:
  A) iii and iv
  B) i and v
  C) ii and iv
  D) ii and vi
  Show Answer
  The correct answer is A .
• Question 348: One of the objectives of accounting is that it can be used for Options:
  A) business decision making
  B) due process in business
  C) motivating employees
  D) determining the work force
  Show Answer
  The correct answer is A .
• Question 349: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .
• Question 350:

  A partnership deed is used to____________

  Options:
  A) Promote mutual understanding
  B) Enhance mistrust
  C) Encourage discrepancy
  D) Control funds
  Show Answer
  The correct answer is A .