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 561:

  Use the information below to answer this question.A business has three departments x, y and zYou are given the following information Selling and distribution expenses ₦5200

  Rent for the year₦6000

  Department turnover floor space in square metres X ₦60,000 80 Y ₦80,000 60 Z ₦100,000 60How much rent is apportioned to department Z?

  Options:
  A) ₦1, 500
  B) ₦3, 000
  C) ₦1, 800
  D) ₦2, 000
  Show Answer
  The correct answer is C .
• Question 562: The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the? Options:
  A) Public Accounts Committee
  B) Public Audit Committee
  C) Internal Audit Committee
  D) External Audit Committee
  Show Answer
  The correct answer is A .
• Question 563: Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: ₦40,000, ₦50,000 and ₦70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for ₦50,000 cash. Wamo's equity in the resulting partnership is Options:
  A) ₦32,000
  B) ₦40,000
  C) ₦42,000
  D) ₦50,000
  Show Answer
  The correct answer is D .
• Question 564:

  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 565: The tier of government that uses financial memorandum is the? Options:
  A) federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 566: The process whereby a cheque received by one person is given to another is known as? Options:
  A) cheque crossing
  B) payment in cheque
  C) cheque transfer
  D) cheque endorsement
  Show Answer
  The correct answer is C .
• Question 567: Calls in advance are treated in the balance sheet as? Options:
  A) current asset
  B) current liability
  C) fixed assets
  D) fixed liability
  Show Answer
  The correct answer is B .
• Question 568: On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be Options:
  A) borne by all the partners
  B) borne by the insolvent partner
  C) written off
  D) borne by the solvent partners
  Show Answer
  The correct answer is A .
• Question 569:

  Under which of the following conditions is a partnership dissolved?

  Options:
  A) change of the partnership's head office
  B) purchase of a large quantity of fixed assets
  C) admission of a new partner
  D) retirement of a manager who is not a partner
  Show Answer
  The correct answer is C .
• Question 570: If Mr. Ajasin paid his creditors ₦5000 out of ₦20 000 owed, what would be the effect of this transaction on the accounting equation? Options:
  A) A decraese in the total asssets by ₦5000
  B) An incraese in the total liabilities and owners' equity by by ₦15 000
  C) An increase in the total assets by ₦15 000
  D) A decrease in owners' equuity by ₦5000
  Show Answer
  The correct answer is A .