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: The fund in which all government receipt are paid is? Options:
  A) consolidated revenue fund
  B) development fund
  C) trust fund
  D) contingency fund
  Show Answer
  The correct answer is A .
• Question 522: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .
• Question 523:

  Capital for a profit making organization is generated through

  Options:
  A) gift
  B) donation
  C) shares
  D) subscription
  Show Answer
  The correct answer is C .
• Question 524: When a business incurs labour cost in installing a fixed asset, the cost is treated as Options:
  A) additional cost to the asset
  B) business wages and salaries
  C) installation cost of the asset
  D) business cost of the asset
  Show Answer
  The correct answer is A .
• Question 525: Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the Options:
  A) sales day book
  B) purchases day book
  C) sales subsidiary book
  D) cash book
  Show Answer
  The correct answer is D .
• Question 526:

  The value of the sales ledger control account is derived from the summation of the

  Options:
  A) total creditors control account
  B) total debtors control account
  C) all day books
  D) both the debtors and creditors accounts
  Show Answer
  The correct answer is B .
• Question 527: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 528: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 529: Provision for discount allowed can be recorded as debit to? Options:
  A) the profit and loss account and a credit to provision for discount allowed
  B) provision for discount allowed and a credit to the profit and loss account
  C) discount allowed and a credit to the profit and loss account
  D) expenses and a credit to customers' account
  Show Answer
  The correct answer is A .
• Question 530:

  Use the information below to answer questions 39 and 40.Jumoke and Kunle have an original investment of ₦25,000 and ₦15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of ₦1,500 and ₦1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

  Miscellaneous expenses of ₦2,500 were incurred with gross profit of ₦6,500 during the financial year.The balance of profit and loss account will be?

  Options:
  A) ₦4,000
  B) ₦2,800
  C) ₦1,500
  D) 300
  Show Answer
  The correct answer is A .