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 31: When a new partner is admitted to a partnership, there is a need to revalue the? Options:
  A) capital of the business
  B) capital and liabilities of the business
  C) assets and capital of the business
  D) assets and liabilities of the business
  Show Answer
  The correct answer is D .
• Question 32: The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. ₦20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing? Options:
  A) ₦8 000
  B) ₦10 000
  C) ₦12 000
  D) ₦18 000
  Show Answer
  The correct answer is A .
• Question 33:

  Sales Ledger
  	₦		₦
  Bal. b/d	20 000	Sales returns	10 000
  Sales	40 000	Discount allowed	1 000
  		Bal. c/d	?

  If cheques of ₦40 000 were received but a cheque of ₦8 000 was dishonoured, the amount owed was

  Options:
  A) ₦9 000
  B) ₦20 000
  C) ₦1000
  D) ₦17 000
  Show Answer
  The correct answer is C .
• Question 34:

  Which of the following concepts recognizes the principle of double entry?

  Options:
  A) business entity
  B) accrual
  C) going concern
  D) dual aspect
  Show Answer
  The correct answer is D .
• Question 35: The accuracy of journalist is checked by? Options:
  A) ensuring that debit totals equal credit totals
  B) posting all journal entries to ledger accounts
  C) adding all figures in the debit column
  D) comparing accounts in the ledger against the journals
  Show Answer
  The correct answer is D .
• Question 36: An expenses is said to be revenue in nature if it Options:
  A) adds or contributes to the operating income of the business
  B) necessitates the introduction of additional capital
  C) reduces the capital of the business
  D) adds to or improves the value of fixed assets
  Show Answer
  The correct answer is A .
• Question 37:

  Given:

  Stock of raw materials 1/40............₦11 150

  Purchases of raw materials.............₦112 550

  Raw material returned..................₦31 150

  Stock of Raw materials 31/12/04........₦27 150

  Calculate the cost of raw materials consumed?

  Options:
  A) ₦156 000
  B) ₦38 300
  C) ₦183 150
  D) ₦66 550
  Show Answer
  The correct answer is D .
• Question 38: One basic assumption of the double entry theory is that it allows? Options:
  A) two credit entries at the same time
  B) two debit entries at the same time
  C) debit and credit two credit entries at the same time
  D) debit and credit two credit entries in corresponding account
  Show Answer
  The correct answer is D .
• Question 39: 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 40:

  

  Determine the owners equity

  Options:
  A) ₦200,000
  B) ₦215,000
  C) ₦275,000
  D) ₦755,000
  Show Answer
  The correct answer is C .