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: The process whereby a cheque received by one person is given to another is known as? Options:
  A) cheque crossing
  B) payment in cheque
  C) cheque transfer
  D) cheque endorsement
  Show Answer
  The correct answer is C .
• Question 32:

  In a non-profit making organisation, the excess of Assets over liabilities equals

  Options:
  A) capital
  B) capital employed
  C) capital owned
  D) accumulated funds
  Show Answer
  The correct answer is D .
• Question 33: If the total discount allowed in a cash book was ₦230 and the total discount received was ₦255, which of the following is true concerning the two discounts? Options:
  A) They must be balanced in the cash book and the difference taken to the debtors ledger
  B) They must be balanced in the cash book and the difference taken to the trial balance
  C) They should not be balanced in the cash book before being taking to the trial balance
  D) They should not appear in the trial balance as they were already either received or paid out
  Show Answer
  The correct answer is D .
• Question 34:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 35:

  Use the information below to answer question

  Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.

  The depreciation expenses charged for the year is?

  Options:
  A) ₦450,000
  B) ₦250,000
  C) ₦150,000
  D) ₦100,000
  Show Answer
  The correct answer is A .
• Question 36: The trader is capital in a single entry system is ascertained by preparing Options:
  A) gross profit
  B) statement of affairs
  C) suspense account
  D) appropriation account
  Show Answer
  The correct answer is B .
• Question 37: The documents that provide instant information to firms on their tranactions with banks are Options:
  A) bank statement and debit note
  B) cheque book and cashbook
  C) cheque stub and deposit slip
  D) payslip and credit invoice
  Show Answer
  The correct answer is A .
• Question 38:

  Department K Y

  Opening stock #2,500 #800

  Purchases #120,000 #100,000

  Sales #180,000 #200,000

  Salaries #8,000 #30,000

  Closing stock #3,000 #1,500

  Rate expenses of #1,500 are apportioned in the ratio 1:2.What is he net profit of Y?

  Options:
  A) #52,000
  B) #68,300
  C) #68,800
  D) #69,700
  Show Answer
  The correct answer is D .
• Question 39: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .
• Question 40:

  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 .