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:

  At the end of a financial period, the trading

  Profit and loss account of a sole trader

  Shows a profit of #180,000. it is however

  Discovered that revenue of #15,000 is

  Recorded as expenses while expenses of

  #4,000 is recorded as revenue.The revenue to be added as an adjustment is

  Options:
  A) #34,000
  B) #30,000
  C) #15,000
  D) #4,000
  Show Answer
  The correct answer is B .
• Question 62: The net profit or loss for the year is determined in profit and loss account after Options:
  A) deducting purchases from sales
  B) deducting cost of goods sold from sales and adding administrative expenses
  C) adding commissions received to gross profit
  D) eliminating all expenses from gross profit and adding any other income
  Show Answer
  The correct answer is D .
• Question 63:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  The yearly depreciation using the straight-line method would be

  Options:
  A) ₦5200
  B) ₦800
  C) ₦6500
  D) ₦4400
  Show Answer
  The correct answer is A .
• Question 64: The rules which govern the internal management of a firm and its financial affairs in a partnership business is a? Options:
  A) memorandum
  B) bye-law
  C) deed
  D) financial regulation
  Show Answer
  The correct answer is C .
• Question 65: The capital of a sole trader can be increased by Options:
  A) debiting the capital account
  B) crediting the capital account
  C) debiting the cash account
  D) crediting the cash account
  Show Answer
  The correct answer is C .
• Question 66:

  The corresponding entry of personal accounts found in the debit side of the cashbook is to

  Options:
  A) credit real accounts
  B) credit the ledger
  C) debit real accounts
  D) debit the ledger
  Show Answer
  The correct answer is B .
• Question 67: Use the information below to answer questions 43 and 44.

  A company advertised and issued ₦750,000, 12% preference shares of ₦1 each to be issued at ₦1.50 per share. Applications for ₦1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

  The share premium account would be?

  Options:
  A) credited with application and allotment ₦187, 500
  B) debited with appllication and allotment ₦375,000
  C) credited with application and allotment ₦375, 000
  D) debited with application and allotment ₦187, 500
  Show Answer
  The correct answer is C .
• Question 68: On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be Options:
  A) borne by all the partners
  B) borne by the insolvent partner
  C) written off
  D) borne by the solvent partners
  Show Answer
  The correct answer is A .
• Question 69: The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is Options:
  A) periodicity
  B) business entity
  C) dual aspect
  D) going concern
  Show Answer
  The correct answer is D .
• Question 70: The process of reconciling cheques between banks is termed cheque? Options:
  A) clearing
  B) truncation
  C) holding
  D) confirmation
  Show Answer
  The correct answer is A .