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:

  MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500

  Annual dues.......................₦112 000How much is the total receipt of the club?

  Options:
  A) ₦563 440
  B) ₦687 940
  C) ₦363 440
  D) ₦524 500
  Show Answer
  The correct answer is C .
• Question 62: Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Find the total amount paid? Options:
  A) ₦260
  B) ₦300
  C) ₦200
  D) ₦380
  Show Answer
  The correct answer is B .
• Question 63:

  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 64:

  Which of the following errors will affect the trial balance total?

  Options:
  A) omission of sales of ₦3000 and purchases of ₦2000
  B) Posting discount allowed to the debit side of discount allowed account
  C) omission of one account from the list when extracting the ledgers
  D) failure to post sales of ₦2000 and purchases of ₦2000
  Show Answer
  The correct answer is A .
• Question 65:

  Use the information below to answer questions .

  (i) Cash at bank (ii) Cash in hand (iii) Premises

  (iv) Land (v)Creditors (vi)loan from friends/bank.

  What are the current assets?

  Options:
  A) i and ii
  B) i and v
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is A .
• Question 66:

  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 67: In converting a to a partnership company, the loss on asset revaluation is? Options:
  A) debited to the revaluation account
  B) debited to the profit and loss account
  C) credited to the revaluation account
  D) credited to the profit and loss account
  Show Answer
  The correct answer is B .
• Question 68: The difference between the factory cost of production and the prime cost of production is? Options:
  A) direct materials
  B) direct labour
  C) selling expenses
  D) overhead
  Show Answer
  The correct answer is B .
• Question 69:

  

  The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal.

  The Correct closing balance for Musa's current account is

  Options:
  A) ₦36 000 Credit
  B) ₦16 600 credit
  C) ₦16 600 debit
  D) ₦1 800 credit
  Show Answer
  The correct answer is B .
• Question 70:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .