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 591:

  Use the information below to answer the question

  Capital ...................₦2000

  Bank ......................₦1200

  Purchase ..................₦2500

  Sales .....................₦6700

  Stock .....................₦1300

  Creditors .................₦1000

  Fixed assets...............₦3700

  Drawings ..................N?

  Drawings are always estimated at 50% of capital.

  Compute the amount withdrawn

  Options:
  A) ₦2000
  B) ₦1500
  C) ₦1250
  D) ₦1000
  Show Answer
  The correct answer is D .
• Question 592: In manufacturing account, depreciation of office machine is charged to Options:
  A) trading account
  B) appropriation account
  C) balance street
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 593:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 594: Dan and Baker are in partnership with capitals of ₦50,000 and ₦30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew ₦15,000 while baker drew ₦14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was ₦48,000. ₦5000 is to be written off the goodwill account.
  Determine the total interest on capital due to the partners? Options:
  A) ₦1200
  B) ₦1800
  C) ₦3000
  D) ₦4800
  Show Answer
  The correct answer is D .
• Question 595: In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover? Options:
  A) carriage outwards
  B) carriage inwards
  C) discounts received
  D) returns outwards
  Show Answer
  The correct answer is A .
• Question 596: In preparing the final accounts, the bad debt account is closed by a transfer to the? Options:
  A) balance sheet
  B) provision for bad debt account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is C .
• Question 597: What will be the number of shares to be issued to a subscriber who applied for 50,000 units. Options:
  A) 20,000
  B) 18,000
  C) 15,000
  D) 12,000
  Show Answer
  The correct answer is A .
• Question 598: The following account are prepared when goods are sent to branch except Options:
  A) Branch stock
  B) Goods set to branch account
  C) Branch adjustment account
  D) Branch debtors account
  Show Answer
  The correct answer is D .
• Question 599: Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including? Options:
  A) partners' salaries
  B) interest on capital
  C) partners' drawings
  D) interest on loans
  Show Answer
  The correct answer is D .
• Question 600:

  The use of three column cash book is determined by

  Options:
  A) trade discount
  B) cash transaction
  C) bank transaction
  D) cash discount
  Show Answer
  The correct answer is D .