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 451:

  Use the information below to answer the question

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  What is the networking capital?

  Options:
  A) ₦90m
  B) ₦70m
  C) ₦100m
  D) ₦80m
  Show Answer
  The correct answer is A .
• Question 452:

  Shares that are offered to existing shareholders at a price is called

  Options:
  A) par
  B) premium
  C) right issue
  D) bonus issue
  Show Answer
  The correct answer is C .
• Question 453: The best method of allocating expenses among departments is to? Options:
  A) allocate expenses to each department in proportion to the sales of that department
  B) charge against each department those costs which are within its control
  C) charge expenses against each department in proportion to the purchases of that department
  D) allocate expenses to each section of the department in relation to the number of people
  Show Answer
  The correct answer is B .
• Question 454: In a three-column cash book, dishonored cheques will be shown on the Options:
  A) bank column (debit)
  B) bank column(credit)
  C) cash column(debit)
  D) cash column(credit)
  Show Answer
  The correct answer is A .
• Question 455:

  Use the information below to answer the question:

  Liabilities                     ₦	Assets                                   ₦
  Capital                        40,000	Furnishing                               10,000
  	Ceiling Fan                               1,500
  	Cash in Hand                         28,500
  40,000	40,000

  If at 31/1/95 the following information was ascertained

  (i) rent for shop ₦12,000 paid for the year

  (ii) Total purchases ₦15,000

  (iii) Total sales ₦8,200

  (iv) Stock of goods left ₦10,000

  (v) paid sales boy ₦500

  Options:
  A) ₦40,000
  B) ₦41,500
  C) ₦41,700
  D) ₦48,500
  Show Answer
  The correct answer is C .
• Question 456:

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

  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 .
• Question 457:

  Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

  Use the details above to answer the following question.

  The N6,000 subscription received is?

  Options:
  A) capital
  B) fixed asset
  C) current liability
  D) current asset
  Show Answer
  The correct answer is C .
• Question 458:

  Use the information below to answer this question
  At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
  ₦180,000 it is however discovered that revenue of
  ₦15,000 is recorded as expenses while expenses of
  ₦4,000 is recorded as revenue.

  The revenue to be added as an adjustment is

  Options:
  A) ₦34,000
  B) ₦4,000
  C) ₦30,000
  D) ₦15,000
  Show Answer
  The correct answer is C .
• Question 459: An instrument which allows public officers to increase expenditure within a year is Options:
  A) statutory allocation
  B) supplementary budget
  C) virement
  D) warrant
  Show Answer
  The correct answer is B .
• Question 460: Dan and Baker are in partnership with capitals of ₦50,000 and ₦30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew ₦15,000 while baker drew ₦14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was ₦48,000. ₦5000 is to be written off the goodwill account.
  Determine the total interest on capital due to the partners? Options:
  A) ₦1200
  B) ₦1800
  C) ₦3000
  D) ₦4800
  Show Answer
  The correct answer is D .