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 861: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 862: 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 863:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.

  A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

  Options:
  A) ₦760,000
  B) ₦744,800
  C) ₦744,000
  D) ₦784,000
  Show Answer
  The correct answer is C .
• Question 864:

  A.S. Danduzu's Bank Statement
  Date	Particulars	Debit (₦)	Credit (₦)	Balance (₦)
  Jan. 1	Opening balance			10 000
  Jan. 3	Bashir A.K.	1 000		9 000
  Jan. 10	Usman A.D.	1 500		7 500
  Jan. 12	Sule A.S.	500		7 000
  Jan. 20	Aliyu A.K.		3 000	10 000
  Jan. 30	X	1 500		Y

  X represents

  Options:
  A) bank charges
  B) an unpresented cheque
  C) dividends
  D) an uncredited cheque
  Show Answer
  The correct answer is A .
• Question 865: 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 866: Which of the following is shown in the profit and loss appropriation account of a company Options:
  A) interest charges
  B) depreciation
  C) directors emoluments
  D) dividends
  Show Answer
  The correct answer is D .
• Question 867:

  

  Calculate the cost of goods sold.

  Options:
  A) ₦61 000
  B) ₦58 000
  C) ₦62000
  D) ₦57 000
  Show Answer
  The correct answer is C .
• Question 868: The market value of goods produced is? Options:
  A) ₦30,500
  B) ₦30,600
  C) ₦31,600
  D) ₦31,620
  Show Answer
  The correct answer is B .
• Question 869:

  Gross earnings........................₦950 000

  Current liabilities...................₦100 000

  Operating expenses....................₦350 000

  10% debentures........................₦400 000

  Shareholder's fund....................₦1300 000

  Corporate tax is 30%

  From the data above calculate the returns on equity?

  Options:
  A) 33%
  B) 35%
  C) 20%
  D) 30%
  Show Answer
  The correct answer is D .
• Question 870: Which of the following statement is correct about the head office current account and the branch current account? Options:
  A) Both always have debit balances
  B) both always have credit balances
  C) the head office current account has a credit balance while the branch current account has a debit balance
  D) the head office current account has a debit balance while the branch current account has a credit balance
  Show Answer
  The correct answer is D .