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: Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid ₦30 000 for goodwill , this amount would be? Options:
  A) credited to Takwa's current acount
  B) debited to goodwill account
  C) share to all the partners' capital account
  D) credited to the old partners' capital account
  Show Answer
  The correct answer is B .
• Question 52: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 53:

  

  The capital employed is

  Options:
  A) ₦13 000
  B) ₦9 900
  C) ₦8 400
  D) ₦9 000
  Show Answer
  The correct answer is C .
• Question 54:

  MACHINERY
  Historical cost	₦6 000 000.00
  Estimated useful life	20 years
  Residual value	₦25 000.00
  Date of acquisition	1/1/71
  Depreciation method	Straight line

  Accumulated depreciation on the asset as at 31/12/81 was

  Options:
  A) ₦2 487 500 .00
  B) ₦2 736 250 . 00
  C) ₦4 511 192.00
  D) ₦4 975 000 .00
  Show Answer
  The correct answer is B .
• Question 55:

  Which of the following expenses is *not* apportined in proportion to turnover?

  Options:
  A) rent
  B) commission
  C) discount allowed
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 56: The major distinguishing element between the final accounts of a partnership and a sole trader is the Options:
  A) drawings account
  B) appropriation account
  C) capital account
  D) creditors account
  Show Answer
  The correct answer is B .
• Question 57: The movement of goods from head office to a branch is treated in the head office as Options:
  A) Sales
  B) issue
  C) purchases
  D) requisition
  Show Answer
  The correct answer is B .
• Question 58: In a period of declining price, which of the following methods would result in higher profit? Options:
  A) FIFO
  B) Simple average
  C) LIFO
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 59:

  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 60: The instrument that are generated when firms enter into business transactions with others are called Options:
  A) purchase document
  B) journals
  C) source documents
  D) invoices
  Show Answer
  The correct answer is C .