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 641: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 642:

  Given:

  Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears

  ₦ 10,000 15,000 4,500 3,000 150 3500

  What is the accumulated fund?

  Options:
  A) ₦14,150
  B) ₦20,850
  C) ₦21,850
  D) ₦14,200
  Show Answer
  The correct answer is B .
• Question 643:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 644: Didi Ltd offered 10,000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? Options:
  A) shares are never offered at a discount; the offer is invalid
  B) the value of shares in the capital account will be lowered by 2%
  C) the company incurs a loss to the tune of 2% of the offer
  D) each of the subscribers loses 2% of investment
  Show Answer
  The correct answer is C .
• Question 645:

  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 646:

  The following was extracted from the books of MEGA COMPANY NIG. LTD

  	₦
  Trade debtors	350,000
  Fixtures and fittings	600,000
  Cash at bank	25,000
  Cash in hand	5,500
  Trade creditors	116,500
  Bank overdraft	7,500
  Building	950,000
  Motor van	35,000

  The working capital of the company is

  Options:
  A) ₦156,000
  B) ₦280,000
  C) ₦565,000
  D) ₦256,500
  Show Answer
  The correct answer is D .
• Question 647: The net profit from a trading account of a non-profit making organization would be treated as income in the Options:
  A) income and expenditure account
  B) receipt and payment account
  C) balance sheet
  D) statement of affairs
  Show Answer
  The correct answer is A .
• Question 648: 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 649:

  Use the information below to answer question 14 and 15.Sales....................................₦10,900

  Stock 1/1................................₦1, 000

  Stock 31/12..............................₦2, 000

  Purchases................................₦4, 000

  Returns outwards.........................₦800

  Returns inwards..........................₦600

  Carriage outwards........................₦300

  Carriage inwards.........................₦200Find the gross profit.

  Options:
  A) ₦7 800
  B) ₦7 900
  C) ₦9700
  D) 5700
  Show Answer
  The correct answer is B .
• Question 650: Akirika bought a motor van for his business by cash. The entries are to debit Options:
  A) motor van and credit Akirika
  B) sales and credit Akrika
  C) motor van and credit cash
  D) cash and credit motor van
  Show Answer
  The correct answer is C .