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 521:

  Use the information below to answer the question.

  On January 1, 2000, a club's assets and liabilities were as follows:

  Club house...................₦8,000
  Subscription.................₦300
  Cash.........................₦1,000
  Wages owed...................₦100

  The club has 50 members, and the annual subscription is ₦100 per member.

  Subscription received is ₦4,000, and this includes 1999 arrears of ₦200.

  The accumulated fund is

  Options:
  A) ₦9,400
  B) ₦9,300
  C) ₦9,200
  D) ₦9,100
  Show Answer
  The correct answer is C .
• Question 522:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 523:

  Use the information below to answer question .

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  The trial balance total is?

  Options:
  A) ₦9700
  B) ₦8700
  C) ₦7900
  D) ₦7800
  Show Answer
  The correct answer is A .
• Question 524: When a new partner is admitted to a partnership, there is a need to revalue the? Options:
  A) capital of the business
  B) capital and liabilities of the business
  C) assets and capital of the business
  D) assets and liabilities of the business
  Show Answer
  The correct answer is D .
• Question 525:

  1. The amount of the imprest is the same from one organization to another

  11.At the end of a fixed period, the petty cashier received a fixed sum of money.

  111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

  1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

  Options:
  A) 1, 11 and 111
  B) 1, 111 and 1V
  C) 11 and 1V
  D) 111 and 1V
  Show Answer
  The correct answer is C .
• Question 526: Which of the following is accounted for in receipts and payments account? Options:
  A) Accrued expenses on annual dances
  B) Subscriptions due but not yet received
  C) interest on bank deposit
  D) Depreciation of the club house
  Show Answer
  The correct answer is C .
• Question 527: The correct entry to reflect the receipt of cash sent by a branch to a head office is? Options:
  A) debit cash and credit branch current account
  B) debit branch, current account and credit cash
  C) credit branch, debtors and debit cash
  D) credit branch current account and debit branch debtors
  Show Answer
  The correct answer is A .
• Question 528: When goods produced are transferrd at cost plus mark-up sale, the difference between the cost and the transferred price is a Options:
  A) discount
  B) sales commission
  C) manufacturing profit
  D) factory reserves
  Show Answer
  The correct answer is C .
• Question 529:

  

  The capital employed is

  Options:
  A) ₦13 000
  B) ₦9 900
  C) ₦8 400
  D) ₦9 000
  Show Answer
  The correct answer is C .
• Question 530:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  Calculate the net profit? Options:
  A) ₦1 620
  B) ₦1 920
  C) ₦1 420
  D) 2 120
  Show Answer
  The correct answer is C .