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 61: When forming a partnership, new partners should record non-monetary assets on the new partnership's books at? Options:
  A) their current fair market values
  B) their historical costs when first use
  C) their historical costs when first purchase by each new partner
  D) the highest values practical so that future income tax deductions are maximized
  Show Answer
  The correct answer is A .
• Question 62:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .
• Question 63: 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 64: If the total discount allowed in a cash book was ₦230 and the total discount received was ₦255, which of the following is true concerning the two discounts? Options:
  A) They must be balanced in the cash book and the difference taken to the debtors ledger
  B) They must be balanced in the cash book and the difference taken to the trial balance
  C) They should not be balanced in the cash book before being taking to the trial balance
  D) They should not appear in the trial balance as they were already either received or paid out
  Show Answer
  The correct answer is D .
• Question 65:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  What is the cash balance on the debit side if it is the only item omitted?

  Options:
  A) ₦6745
  B) ₦6754
  C) ₦6475
  D) ₦6574
  Show Answer
  The correct answer is C .
• Question 66: Which of the following is an item in the debit side of the sales ledger control account? Options:
  A) Interest charged by suppliers
  B) Bills receivable honooured
  C) Transfer of credit balances from credit control account
  D) Transfer of debit balance from creditors control account
  Show Answer
  The correct answer is A .
• Question 67: The concise statement used to explain entries in the general journal is known as? Options:
  A) narration
  B) summary
  C) information
  D) commentary
  Show Answer
  The correct answer is A .
• Question 68:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  What was the bank balance at the end of the month?

  Options:
  A) ₦7 000
  B) ₦6 500
  C) ₦7 500
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 69:

  Use the information below to answer question

  Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.What was the value of fixed assets at the beginning of the year?

  Options:
  A) ₦2,900,000
  B) ₦3,800,000
  C) ₦3,900,000
  D) ₦4,000,000
  Show Answer
  The correct answer is C .
• Question 70:

  Current assets are shown in the balance sheet in order of performance as

  Options:
  A) debtors, stock, bank and cash
  B) stock, debtors, bank and cash
  C) stock, bank, debtors and cash
  D) debtors, stock, cash and bank
  Show Answer
  The correct answer is B .