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:

  Use the information below to answer questions

  Subscription received during the year ₦30,000
  Subscription owed last year ₦4,000
  Subscription received for next year ₦6,000

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) ₦36,000
  B) ₦34,000
  C) ₦30,000
  D) ₦20,000
  Show Answer
  The correct answer is D .
• Question 32: The principle of double entry developed from the axioms of accounting equation is given as Options:
  A) Assets + Liability = Equity
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Asset
  D) Liabilities + Equity = Net assets
  Show Answer
  The correct answer is C .
• Question 33:

  If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of₦100,000?

  Options:
  A) ₦130,000
  B) ₦75,000
  C) ₦80,000
  D) ₦125,000
  Show Answer
  The correct answer is B .
• Question 34:

  In the absence of a partnership deed, the act stipulates that____________

  Options:
  A) An amount should be fixed as salaries for partners
  B) Profits and losses should not be shared equally
  C) Interest on partner’s loan should be 25%
  D) Interest should not be allowed on partners drawings
  Show Answer
  The correct answer is D .
• Question 35: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .
• Question 36:

  Given:Opening capital - #50,000

  Closing capital - #64,000

  Drawings - #16,000Determine the net profit

  Options:
  A) #2,000
  B) #14,000
  C) #20,000
  D) #30,000
  Show Answer
  The correct answer is D .
• Question 37: The two accounts that are normally opened in the head office when goods are transferred to a branch are? Options:
  A) branch supplies and branch receipts
  B) branch stock account and goods sent to branch accounts
  C) goods sent to brannch account and branch receipt account
  D) goods sent to branch accounts and branch supplies
  Show Answer
  The correct answer is B .
• Question 38: A source document is used for verifying the? Options:
  A) amount due to creditors
  B) actual cost of an asset
  C) selling price of goods
  D) amount due from debtors
  Show Answer
  The correct answer is C .
• Question 39: An advantage of using accounting ratios is that they Options:
  A) can be easily calculated
  B) facilitate decision making
  C) are stipulated by law
  D) shows error and fraud
  Show Answer
  The correct answer is B .
• Question 40: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .