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 531:

  Given:

  Net profit b/d.....................₦10,000

  Interest on capital:...M...........₦2, 000

  .......................K...........₦1, 000

  Partners' on salary....K...........₦800

  Interest on drawings...M...........₦500

  Profit sharing ratio M and K 3:2

  Determine M's share of profit?

  Options:
  A) 6,280
  B) 4,020
  C) 2,820
  D) 2,280
  Show Answer
  The correct answer is B .
• Question 532: When the debit side total of an account, t means that the account has Options:
  A) been overdrawn
  B) been understand
  C) debit balance
  D) credit balance
  Show Answer
  The correct answer is C .
• Question 533: Goodwill is determined using? Options:
  A) capital contribution
  B) number of partnerd admitted
  C) the business and customer relations
  D) number of active partners
  Show Answer
  The correct answer is B .
• Question 534: For the purpose of conversion of a partnership to a company, a total purchase consideration of ₦3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued? Options:
  A) ₦1080 000
  B) ₦2 160 000
  C) ₦3 600 000
  D) ₦5 040 000
  Show Answer
  The correct answer is D .
• Question 535: The account where the profit are distributed to the partner in their profit sharing ratio in partnership Options:
  A) trading account
  B) appropriation account
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is B .
• Question 536:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 537:

  

  The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal.

  The correct closing balance for Lawal's current account is

  Options:
  A) ₦21 100 debit
  B) ₦14 740 debit
  C) ₦14 740 credit
  D) ₦540 credit
  Show Answer
  The correct answer is C .
• Question 538:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 539: The basis upon which assets of an organization is valued is the Options:
  A) historical concept
  B) business entity concept
  C) periodicity concept
  D) materiality concept
  Show Answer
  The correct answer is A .
• Question 540: A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method? Options:
  A) #4,000
  B) #7,000
  C) #11,000
  D) #24,000
  Show Answer
  The correct answer is A .