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 371:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .
• Question 372:

  Given:

  Net profit-----------------------₦25,000
  Cost of sale---------------------₦25,000
  Sales----------------------------₦85,000

  Determine the total expenses.

  Options:
  A) ₦45,000
  B) ₦35,000
  C) ₦25,000
  D) ₦15,000
  Show Answer
  The correct answer is B .
• Question 373:

  The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

  Options:
  A) Bonus
  B) Good will
  C) Premium
  D) Commission
  Show Answer
  The correct answer is B .
• Question 374: Which of the following is a strong feature of partnership? Options:
  A) The life of the partnership is generally assumed to be indefinite
  B) The owners are liable personally for all debts of the business
  C) The transfer of ownership interest is frequent and easy to accomplish
  D) The partnership is complex to form because of many legal and reporting requirements
  Show Answer
  The correct answer is B .
• Question 375:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 376: The main purpose of control account is to? Options:
  A) detect errors and irregularities
  B) assist purchases
  C) assist sales
  D) check management incompetence
  Show Answer
  The correct answer is A .
• Question 377:

  Use the following Information to answer this question.

  Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials

  ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000

  Cost of raw materials consumed is

   

  Options:
  A) ₦53,000
  B) ₦150,000
  C) ₦152,120
  D) ₦148,120
  Show Answer
  The correct answer is C .
• Question 378:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  Calculate the subscriptions in the Income and expenditure account

  Options:
  A) 8400
  B) 7400
  C) 6400
  D) 7200
  Show Answer
  The correct answer is B .
• Question 379:

  Three Column Cash Book (Extract)

  Date	Particulars	Cash	Bank	Particulars	Date	Cash	Bank
  		₦	₦			₦	₦
  1.	Bal b/d	3000	4000	Electricity	5	200	300
  2.	Cash sales	1000		Purchases	6	3000
  3.	Fatima	2000		Ahmad	7		500
  4.	Baffa	200	200	Khadija	8	200

  Calculate the cash balance after the discount

  Options:
  A) ₦2,760
  B) ₦4,300
  C) ₦6,200
  D) ₦2,400
  Show Answer
  The correct answer is A .
• Question 380: When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement? Options:
  A) Bank charges
  B) Uncleared cheques
  C) Returned cheques
  D) unpresented cheques
  Show Answer
  The correct answer is D .