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 841: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 842: The major festure of not-for-profit-making-organization is that they are formed? Options:
  A) to use accumulated fund to described the net amount owed to members
  B) mainly to improve the welfare of her member
  C) to engaged in trading activities to sponsor its activities
  D) in order to compute the receipts and payment account
  Show Answer
  The correct answer is B .
• Question 843: The following accounting entries are made when bad debt is recovered Options:
  A) debit bad debts accounts and credit bad debt recovered account
  B) debit debtors accounts and recovered account
  C) debit bad debts recovered account and credit bad debts account
  D) debit bad debts account and credit profit and loss account
  Show Answer
  The correct answer is B .
• Question 844:

  Use the information below to answer the question.

  On January 1, 2000, a club's assets and liabilities were as follows:

  Club house...................₦8,000
  Subscription.................₦300
  Cash.........................₦1,000
  Wages owed...................₦100

  The club has 50 members, and the annual subscription is ₦100 per member.

  Subscription received is ₦4,000, and this includes 1999 arrears of ₦200.

  The accumulated fund is

  Options:
  A) ₦9,400
  B) ₦9,300
  C) ₦9,200
  D) ₦9,100
  Show Answer
  The correct answer is C .
• Question 845: Accrual concept stipulates that? Options:
  A) revenue should be recognized when it is earned
  B) costs should be recognized when the expenditure is paid
  C) revenue should be recognized only when cash is paid
  D) costs should be recognized when the are incurred
  Show Answer
  The correct answer is A .
• Question 846:

  In the head office ledger, the value of goods sent to the branch are____________

  Options:
  A) Debited to the branch current account
  B) Debited to the head office current account
  C) Credited to the head office current account
  D) Credited to the branch current account
  Show Answer
  The correct answer is B .
• Question 847: Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including? Options:
  A) partners' salaries
  B) interest on capital
  C) partners' drawings
  D) interest on loans
  Show Answer
  The correct answer is D .
• Question 848: The accounting entry to record the premium on goodwill is to debit? Options:
  A) cash and credit old partners' capital
  B) goddwill and credit revaluation
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is B .
• Question 849: A discount that is allowed to encourage a debtor to pay off his debt within a period is the Options:
  A) annual discount
  B) trade discount
  C) periodic discount
  D) cash discount
  Show Answer
  The correct answer is D .
• Question 850: Which of the following account is kept by local governments in Nigeria? Options:
  A) Balance sheet
  B) Advances account
  C) Debtors account
  D) Profit account
  Show Answer
  The correct answer is B .