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 541:

  Calls in advance are treated in the balance sheet as_______

  Options:
  A) Current asset
  B) Fixed asset
  C) Current liability
  D) Fixed liability
  Show Answer
  The correct answer is C .
• Question 542: In sales ledger control account, returns inwards is usually Options:
  A) debited and debtors credited
  B) credited and sales returns debited
  C) debited and cash credited
  D) credited and bank credited
  Show Answer
  The correct answer is B .
• Question 543:

  Use the information below to answer the question.

  Calculate the balance in the bank statement.

  	₦
  Balance as per cashbook	13560
  Unpresented cheques	5120
  Dividend received	2000
  Uncredited cheque	2300
  Bank charges	280
  Standing order	600
  Balance as per bank statement	?

  Options:
  A) ₦10,740
  B) ₦11,860
  C) ₦16,380
  D) ₦17,500
  Show Answer
  The correct answer is D .
• Question 544: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 545: Cost accounting entails the provision of information? Options:
  A) for investment purposes
  B) for descision making
  C) to shareholders
  D) to stockholders
  Show Answer
  The correct answer is B .
• Question 546:

  Transactions are recorded or posted to the ledger in line with

  Options:
  A) Accounting Concept
  B) Source document
  C) Double Entry Principle
  D) Data collection
  Show Answer
  The correct answer is C .
• Question 547: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 548:

  Use the information below to answer the question

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  What is the networking capital?

  Options:
  A) ₦90m
  B) ₦70m
  C) ₦100m
  D) ₦80m
  Show Answer
  The correct answer is A .
• Question 549:

  Use the following information to answer this question.

  Provision for bad debt 1500

  Additional information

  1. Bad debt written off amount to 3000

  2. Debtors balance as at the end of the year is 28,000

  3. Provision for bad debts stand at 10%

  How much is to be charged to profit and loss account as provision for bad debt?

  Options:
  A) ₦2, 800
  B) ₦1, 000
  C) ₦2, 500
  D) ₦3, 000
  Show Answer
  The correct answer is B .
• Question 550:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .