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 671:

  Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu's salary of ₦3,000 was made.

  Halidu's share of the profit is

  Options:
  A) ₦7,500
  B) ₦6,000
  C) ₦5,400
  D) ₦4,500
  Show Answer
  The correct answer is C .
• Question 672: Tunde purchased goods from Femi by cash worth ₦1000 with 10% cash discount. Tunde's ledger control account is to be? Options:
  A) deited by ₦100
  B) credited by ₦100
  C) credited by ₦1000
  D) deited by ₦1000
  Show Answer
  The correct answer is A .
• Question 673:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 674:

  The interest on partner's loan is

  Options:
  A) credited in current account
  B) debited in profit and loss account
  C) credited in profit and loss account
  D) debited in current account
  Show Answer
  The correct answer is B .
• Question 675:

  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 676:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .
• Question 677:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 678: The transactions relating to liquidation in partnership account is drawn by using? Options:
  A) current account
  B) cash account
  C) capital account
  D) realization account
  Show Answer
  The correct answer is C .
• Question 679:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheques}& 19404\\ \text{Cheques wrongly debited by bank}& 1404\end{array}$

  The balance as per bank statement is

  Options:
  A) ₦21,901
  B) ₦19,021
  C) ₦21,109
  D) ₦21,091
  Show Answer
  The correct answer is A .
• Question 680: Accountant-general of the federation is responsible for Options:
  A) the general supervision of all auditing personnel in all the ministeries
  B) the compilation of annual financial statement
  C) the interpretation of rules and regulations affecting the private sectors
  D) ensuring the efficient operation of the ministries
  Show Answer
  The correct answer is B .