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 391: keeping records under the single entry system has the advantage of? Options:
  A) quality in terms of records
  B) completeness in terms of records
  C) accuracy in terms of operation
  D) simplicity in terms of operation
  Show Answer
  The correct answer is D .
• Question 392: The rules which govern the internal management of a firm and its financial affairs in a partnership business is a? Options:
  A) memorandum
  B) bye-law
  C) deed
  D) financial regulation
  Show Answer
  The correct answer is C .
• Question 393: If the assets and liabilities of a firm were valued at ₦17,200 and ₦5,120 respectively, the capital of the firm would be? Options:
  A) ₦22 320
  B) ₦17 200
  C) ₦12 080
  D) 5 120
  Show Answer
  The correct answer is C .
• Question 394:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .
• Question 395:

  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.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 396: The formula for calculating depreciation using straight line method is Options:
  A) $\frac{\text{Scrape Value}+\text{Sales}}{Usefullife}$
  B) $\frac{\text{Cost }-\text{Scrape Value}}{Usefullife}$
  C) $\frac{\text{Sales }-\text{Scrape Value}}{Usefullife}$
  D) $\frac{\text{Purchases }+\text{Sales }}{Usefullife}$
  Show Answer
  The correct answer is B .
• Question 397: The effect of overstating revenue expenditure in the profit and loss account is that the Options:
  A) opening stock will be increased
  B) net profit will be understand
  C) net profit will be overstead
  D) opening stock will be decreased
  Show Answer
  The correct answer is B .
• Question 398:

  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 399: The end result of governmental accounting procedure is to Options:
  A) keep proper records of government expenditures
  B) give financial information to the public and investors
  C) produce timely and accurate financial reports for legislators and the public
  D) give information on the performance of public enterprises
  Show Answer
  The correct answer is A .
• Question 400:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .