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 801: The total cash and cheques received from customers in a control account is derived from the Options:
  A) income and expenditure account
  B) cashbook
  C) purchases day book
  D) sales journal
  Show Answer
  The correct answer is C .
• Question 802:

  For an incomplete record to provide necessary information, it must be converted to?

  Options:
  A) double entry
  B) single entry
  C) complete records
  D) statement of affairs
  Show Answer
  The correct answer is B .
• Question 803:

  Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

  Options:
  A) conversion
  B) dissolution
  C) merger
  D) absorption
  Show Answer
  The correct answer is C .
• Question 804: The main features of the single system are that? Options:
  A) books of accounts are not maintained and business relies only on bank statement
  B) the journal records are absent and only the main ledger is kept 7
  C) there are incomplete classifications and recording procedures
  D) only credit sales transactions and credit purchase are recorded
  Show Answer
  The correct answer is C .
• Question 805: The most important reason for studying accounting is that Options:
  A) the information provided by accounting is useful in making decision
  B) Accounting plays an important role in the society
  C) the study of Accounting leads to challeging career
  D) Accounting provides gross profit information
  Show Answer
  The correct answer is A .
• Question 806:

  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 807:

  Use the information below to answer this question
  Zahki Plc balance sheet (extract) as at 31st December 1997.

  ₦ ₦
  Paid up capital 200,000 Fixed assets 300,000
  Share premium 15,000
  Profit and loss account 60,000 Investment 180,000
  Long-term loan 180,000 Stock 28,000
  Debtors 90,000
  Creditors 200,000 provision(3000) 87,000
  Other current liabilities 100,000 Cash 60,000
  Bank 100,000
  755,000755,000

  The quick ratio is

  Options:
  A) 0.82:1
  B) 1:53:1
  C) 0.95:1
  D) 0.91:1
  Show Answer
  The correct answer is C .
• Question 808:

  Use the information below to answer questions 39 and 40.Jumoke and Kunle have an original investment of ₦25,000 and ₦15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of ₦1,500 and ₦1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

  Miscellaneous expenses of ₦2,500 were incurred with gross profit of ₦6,500 during the financial year.The balance of profit and loss account will be?

  Options:
  A) ₦4,000
  B) ₦2,800
  C) ₦1,500
  D) 300
  Show Answer
  The correct answer is A .
• Question 809:

  The main difference between the ordinary and preference shareholders is that?

  Options:
  A) the former have voting rights while the latter do not
  B) in the case of winding up, the former are paid first before the latter
  C) the latter are not members of the company while the former are
  D) the former receives dividends while the latter do not
  Show Answer
  The correct answer is A .
• Question 810:

  A charitable club has the following figures:

  N
  Subscriptions received in 1991 2 800
  Subscriptions unpaid in 1990 300
  Subscriptions paid for 1992 150
  Subscriptions due 1991 180

  How much should be charged to the income and expenditure of this club as subscription for 1991?

  Options:
  A) ₦2 530
  B) ₦2 680
  C) ₦2 830
  D) ₦2 980
  E) ₦3 130
  Show Answer
  The correct answer is E .