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 501: In a control account, provision for bad debts is found on the? Options:
  A) debit side of the purchases ledger control account
  B) debit side of the sales ledger control account
  C) credit side of the purchases ledger control account
  D) credit side of the sales ledger control account
  Show Answer
  The correct answer is D .
• Question 502:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 503: The part of equity which is payable on winding up is called? Options:
  A) general reserve
  B) revenue reserve
  C) capital reserve
  D) normal reserve
  Show Answer
  The correct answer is B .
• Question 504: A rent received by a trader for sub-letting part of his business premises should be added to the? Options:
  A) gross profit
  B) total profit
  C) net profit
  D) total revenue
  Show Answer
  The correct answer is A .
• Question 505: The simplest form of single entry procedure consists fo keeping a? Options:
  A) day book or general journal
  B) cash book and ledger accounts showing debtors and creditors balances
  C) cash journal, sales journal and purchases journal
  D) day book in which transactions are described in chronological order
  Show Answer
  The correct answer is B .
• Question 506:

  Subscription in advance is treated in the balance sheet as a

  Options:
  A) fixed asset
  B) long term liability
  C) current asset
  D) current liability
  Show Answer
  The correct answer is D .
• Question 507:

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

  Options:
  A) 7 $\frac{1}{2}$ %
  B) 5%
  C) 15%
  D) 10%
  Show Answer
  The correct answer is B .
• Question 508: One basic assumption of the double entry theory is that it allows? Options:
  A) two credit entries at the same time
  B) two debit entries at the same time
  C) debit and credit two credit entries at the same time
  D) debit and credit two credit entries in corresponding account
  Show Answer
  The correct answer is D .
• Question 509: One of the major features of bookkeeping is that it? Options:
  A) provides permanent records for all financial transactions
  B) is futuristic in nature
  C) accpets responsibility for all wrong postings
  D) does not give room for double entry procedures
  Show Answer
  The correct answer is A .
• Question 510: Purchasers ledger control account can also be referred to as Options:
  A) sales day book
  B) purchasers day book
  C) creditors legder
  D) debtors ledger
  Show Answer
  The correct answer is C .