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:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .
• Question 52: The statement of assets and liabilities in the public sector can be described as the? Options:
  A) income and expenditure accountof government
  B) appropriation account of government
  C) balance sheet of government
  D) funds flow statement of government
  Show Answer
  The correct answer is A .
• Question 53:

  Use the information below to answer the question:

  Opening balance.............................₦10,640
  Purchases...................................₦26,912
  Returns inwards.............................₦492
  Returns outwards............................₦810
  Cash discount received......................₦1,348
  Cash discount allowed.......................₦1,560
  Cash paid to suppliers......................₦20,808

  At the year end, the purchases ledger showed a debit balance of ₦108.

  The total on the debit side of the purchases ledger control account will be?

  Options:
  A) ₦22,966
  B) ₦22,156
  C) ₦21,834
  D) ₦21054
  Show Answer
  The correct answer is A .
• Question 54: Which of these is the subsidiary book for return inwards? Options:
  A) Sales day book
  B) Sales return journal
  C) Purchases day journal
  D) Cash book
  Show Answer
  The correct answer is B .
• Question 55:

  Use the information to answer this question...............ZEBRA PLC..............

  .............Balance sheet as at 31st March, 2002

  ...............N...............N............N......

  Capital......100,000...Fixed assets:

  Current................Land &..................

  Liabilities...........buildings..50,000......

  Creditors........30000..Furniture..10,000....60,000

  .......................Current..................

  .......................Assets: .......

  ..................Stock .........30,000...........

  ..................Debtors.......30,000.............

  ..................Cash..........10,000......70,000..

  .............130,000.........................130,000

  The business was acquired on 1st April, 2002 at a purchase consideration of ₦120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional ₦20,000 was paid into the bank.Calculate the network of the business

  Options:
  A) ₦120,000
  B) ₦90,000
  C) ₦80,000
  D) ₦30,000
  Show Answer
  The correct answer is B .
• Question 56:

  The similarities between Receipts and payments and income and expenditure account is

  Options:
  A) Both accounts follows the principle of double entry
  B) They are summaries of financial statements
  C) Both include capital items
  D) Both are prepared by non-profit making concern
  Show Answer
  The correct answer is C .
• Question 57: Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business? Options:
  A) they will simply continue since there are no new members
  B) the partnership is formally ended and new company books opened
  C) the shares and all other items will be shared equally and not in their former ratios
  D) computation of goodwill must be done as it is legally required
  Show Answer
  The correct answer is B .
• Question 58: A source document that aids the ascertainment of amount paid out of current account is the? Options:
  A) teller
  B) cheque stub
  C) cheque
  D) teller stub
  Show Answer
  The correct answer is B .
• Question 59: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .
• Question 60:

  On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account.

  The adjustment needed as at 31st December 1993 is?

  Options:
  A) debit rent account and credited adjustment account
  B) debit prepayment account and credit rent account
  C) debit rent account and credit prepayment account
  D) debit adjustment account and credit prepayment account
  Show Answer
  The correct answer is C .