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 481: When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be? Options:
  A) debit bank, credit custmer and credit conyrol account
  B) credit bank, debit customer, and credit control account
  C) debit customer, debit control accountand credit bank
  D) credit control account, debit bank and debit customer
  Show Answer
  The correct answer is B .
• Question 482: From which of the following sources are creditors control account most likely to be posted? Options:
  A) supplier's invoices
  B) cash disbursements journal
  C) subsidiary debtors ledger
  D) purchases journal
  Show Answer
  The correct answer is D .
• Question 483:

  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 484:

  In the preparation of account, the owners of the business and the business concerned are treated as:

  Options:
  A) partners
  B) joint venture
  C) the same person
  D) separate legal entities
  Show Answer
  The correct answer is D .
• Question 485: Which of the following affects the accuracy and authenticity of the trial balance? Options:
  A) Error of ommission
  B) Error of commission
  C) Error of transposition
  D) Error of original entry
  Show Answer
  The correct answer is C .
• Question 486: Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court. Options:
  A) i, ii and iii only
  B) i, ii and iv only
  C) i, iii, and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is A .
• Question 487:

  Use the information below to answer question 38 and 39.Dan and Baker are in partnership with capital of ₦50,000 and ₦30,000 each. The partnership agreement provides that:(i) profits be shared in the ratio of capital. (ii) Baker be paid a salary of ₦8,000.

  (iii) both partners earn interest on capital at 6% p.a.

  (iv) both partners pay interest on drawing at 6% p.a.

  At the end of the year, Dan drew ₦15,000 while Baker drew ₦14,000 in four installment on 31/3,30/6,30/9 and 31/12. The net profit for the year was ₦48,000. ₦5,000 is to be written off the Goodwill account.What is the interest on the drawing by Baker?

  Options:
  A) ₦210
  B) ₦315
  C) ₦450
  D) ₦840
  Show Answer
  The correct answer is B .
• Question 488: When is a petty cash account debited? Options:
  A) When the fund is established and every time money is spent
  B) When the fund is established and every time it is replenished
  C) When the fund is established and when the size of the float is decreased
  D) Every time money is drawn from the petty cash
  Show Answer
  The correct answer is B .
• Question 489:

  Given:

  Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.

  The retained profit in the Appropriation account is

  Options:
  A) ₦55,570
  B) ₦36,320
  C) ₦50,000
  D) ₦30,000
  Show Answer
  The correct answer is B .
• Question 490: Partners' salaries and drawings are usually posted to the? Options:
  A) trading account
  B) current account
  C) capital account
  D) partners' account
  Show Answer
  The correct answer is B .