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 691: Use the information below to answer questions .

  On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.

  the rate of the yearly depreciation expense would be?

  Options:
  A) 50%
  B) 40%
  C) 30%
  D) 20%
  Show Answer
  The correct answer is D .
• Question 692: The financial plan of the government for a year is contained in the? Options:
  A) budget
  B) cash analysis book
  C) vote book
  D) gazette
  Show Answer
  The correct answer is A .
• Question 693:

  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 694:

  A proprietor withdraws cash from the business for private use, he

  Options:
  A) credits cash account and debits bank account
  B) credits cash account and debits drawing A/C
  C) debits cash account and credits drawings account
  D) debits bank account and credits drawings account
  Show Answer
  The correct answer is B .
• Question 695: The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a Options:
  A) bonus
  B) commission
  C) premium
  D) goodwill
  Show Answer
  The correct answer is D .
• Question 696:

  The importance of bank statement is all except

  Options:
  A) verifies the accuracy of balances of cash book and cheque book
  B) helps to detect and rectify any error
  C) helps to debit an account
  D) helps to update the cash book
  Show Answer
  The correct answer is C .
• Question 697:

  Where there is no agreement made by the partners, the following provisions takes place except

  Options:
  A) No salary for partners acting in the business
  B) There is interest on capital
  C) No interest to be charged on drawings
  D) Profit and loss are to be shared equally
  Show Answer
  The correct answer is B .
• Question 698:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  Determine the fixed assets

  Options:
  A) iii and iv
  B) i and v
  C) ii and iv
  D) ii and vi
  Show Answer
  The correct answer is A .
• Question 699:

  If only wages is shown on the trial balance, it should be charged to the

  Options:
  A) profit and loss account
  B) trading account
  C) balance sheet
  D) wages account
  Show Answer
  The correct answer is A .
• Question 700: A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price? Options:
  A) 35%
  B) 30%
  C) 20%
  D) 15%
  Show Answer
  The correct answer is C .