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 51:

  Receipts and Payments Account
  	₦		₦
  Bal. b/f	1,000	Salaries	5,000
  Donations	5,000	Secretariat expenses	5,000
  Subscriptions	7,000	Dance expenses	5,000
  Sales of refreshments	11,000	Refreshments	15,000
  Entertainment	21,000	Bal. c/d	15,000
  	45,000		45,000

  Given:

  Calculate the surplus income.

  Options:
  A) ₦45 000
  B) ₦44 000
  C) ₦30 000
  D) ₦14 000
  Show Answer
  The correct answer is D .
• Question 52: The basis of accounting for public sector is Options:
  A) accrual basis
  B) cost basis
  C) revenue basis
  D) cash basis
  Show Answer
  The correct answer is D .
• Question 53:

  In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

  Options:
  A) carriage inwards
  B) carriage outwards
  C) discount received
  D) returns outwards
  Show Answer
  The correct answer is B .
• Question 54:

  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%

  What is the cost of goods sold?

  Options:
  A) ₦4 800
  B) ₦8 480
  C) ₦2 320
  D) ₦9 900
  Show Answer
  The correct answer is B .
• Question 55: 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 .
• Question 56: An outright sale of a partnership amounts to the? Options:
  A) compensation of vendors by the purchase
  B) admission of a new partner
  C) purchase of rights of a dead partner
  D) change of sharing ratio of vendors
  Show Answer
  The correct answer is D .
• Question 57: The branch expenses paid by the head office is recorded in the books by debiting branch? Options:
  A) bad debt account and crediting branch debtor's account
  B) expenses account and crediting bank account
  C) profit and loss account and crediting branch stock account
  D) discount allowed account and crediting branch debtors' account
  Show Answer
  The correct answer is B .
• Question 58: When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be? Options:
  A) debit bank, credit custmer and credit conyrol account
  B) credit bank, debit customer, and credit control account
  C) debit customer, debit control accountand credit bank
  D) credit control account, debit bank and debit customer
  Show Answer
  The correct answer is B .
• Question 59:

  Use the information below to answer question

  Given: 31/12/98 31/12/99

  Assets: Plant and Mach. ₦1,500 ₦1,200

  Fixtures ₦700 ₦520

  Stock ₦500 ₦600

  Debtors ₦900 ₦400

  Cash ₦200 ₦300

  Liabilities: Creditor ₦500 ₦600

  Loan ₦600 ₦400

  What is the capital from the opening balance sheet?

  Options:
  A) ₦3,600
  B) ₦2,700
  C) ₦2,070
  D) ₦1,520
  Show Answer
  The correct answer is B .
• Question 60: Which of the following errors will affect the trial balance total? Options:
  A) posting disscount allowed to the debit side of the discount allowed account
  B) omision of one account from the list when extracting from the ledger
  C) failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiiary ledger
  D) omission of sales of ₦3,000 and purchases of ₦2,000
  Show Answer
  The correct answer is D .