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:

  A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

  Options:
  A) Debit rent account, Credit bank account
  B) Debit Rent account, Credit Samson's account
  C) Debit Bank account, Credit Rent account
  D) Debit Samson's account, Credit Rent account
  Show Answer
  The correct answer is B .
• Question 482:

  1/1/2010 31/12/2010

  Creditors - #9,000 #9,800

  Rent owing - #3,800 #2,500

  Rates prepaid - #2,000 #3,500

  Motor van - #8,000 #8,000

  Premises - #10,000 #10,500

  Calculate the closing capital

  Options:
  A) #8,700
  B) #9,500
  C) #9,700
  D) #10,700
  Show Answer
  The correct answer is C .
• Question 483:

  Use the information below to answer question 25 and 26.

  Bar opening stock ₦10,000

  Amount owed to bar suppliers at

  The end the beginning of the year ₦10,000

  Bar sales ₦50,000

  Bar credit purchases ₦40,000

  Payment to suppliers ₦30,000

  Bar expenses ₦1,000

  Bar closing stock ₦15,000

  What is the bar profits?

  Options:
  A) ₦20,000
  B) ₦15,000
  C) ₦14,000
  D) ₦10,000
  Show Answer
  The correct answer is B .
• Question 484:

  Retained profits is an example of

  Options:
  A) Revenue reserve
  B) Capital reserves
  C) General reserves
  D) Loan capital
  Show Answer
  The correct answer is A .
• Question 485:

  In the absence of partnership agreement, a loan by a partner attracts interest at

  Options:
  A) 20%
  B) 5%
  C) 10%
  D) 15%
  Show Answer
  The correct answer is B .
• Question 486:

  

  The depreciation to be charged to department T is

  Options:
  A) ₦300
  B) ₦400
  C) ₦500
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 487: The balancing figure in the purchases ledger control account is? Options:
  A) ₦15,828
  B) ₦15,720
  C) ₦14,940
  D) ₦14,694
  Show Answer
  The correct answer is D .
• Question 488:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 489: An item of appropriation in partnership profit and loss account is? Options:
  A) interest on partners' capital
  B) interest on partners' loan
  C) employees' salaries
  D) partners' drawings
  Show Answer
  The correct answer is A .
• Question 490: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .