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 71: Why are adjustments in the profit and loss account necessary? Options:
  A) To cover some expenses of the following year
  B) To ascertain the actual expenses incurred and income earned during the year
  C) To show the provision made during the year
  D) To show the total expenses paid and income received during the year
  Show Answer
  The correct answer is B .
• Question 72: The accounting entries to record a cheque issued by a business is to Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is B .
• Question 73: Which of the following items does not feature in the balance sheet of a club? Options:
  A) Arrears of current year's subscription
  B) Salary arrears paid in the current year
  C) Rental income received in advance
  D) Advances subscription in respect of a coming year
  Show Answer
  The correct answer is B .
• Question 74:

  Use the information below to answer question An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

  Options:
  A) ₦210m
  B) ₦343m
  C) ₦105m
  D) ₦270m
  Show Answer
  The correct answer is C .
• Question 75: Calls in advance are treated in the balance sheet as? Options:
  A) current asset
  B) current liability
  C) fixed assets
  D) fixed liability
  Show Answer
  The correct answer is B .
• Question 76:

  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 77:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 78: If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as? Options:
  A) capital receipt
  B) revenue receipt
  C) windfall receipt
  D) miscellaneous receipt
  Show Answer
  The correct answer is A .
• Question 79:

  Given:
  ₦
  Total debtors b/d 31/12/99 25,000
  Cheques received from debtors 255,000
  Total debtors c/d 31/12/00 15,000

  Calculate the sales figure

  Options:
  A) ₦245,000
  B) ₦215,000
  C) ₦295,000
  D) ₦265,000
  Show Answer
  The correct answer is A .
• Question 80:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  The net profit for departmental A is

  Options:
  A) 1880
  B) 1600
  C) 880
  D) 425
  Show Answer
  The correct answer is D .