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 871:

  The two recognised accounting bases are

  Options:
  A) cash and credit
  B) personal and impersonal
  C) Accrual and Cash
  D) Drawings and Private
  Show Answer
  The correct answer is C .
• Question 872: The objective of departmental account is to Options:
  A) ascertain the amount of profits or losses for the enterprise
  B) ascertain the amount of profits or losses for each department
  C) ascertain the cost of running the organization
  D) offset the loss of each department
  Show Answer
  The correct answer is B .
• Question 873:

  The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 874:

  Accounts can be classified into

  Options:
  A) cash and credit transactions
  B) cash and credit accounts
  C) personal and private account
  D) personal and impersonal account
  Show Answer
  The correct answer is D .
• Question 875:

  Use the information below to answer the question

  Entrance fees.........................₦1200

  Subscriptions (including ₦850 arrears)....₦4310

  Donations received....................₦1500

  Proceeds from sales...................₦2300

  Total payments........................₦8200

  Depreciation..........................₦2100

  Closing cash balance..................₦1110

  The club deposited 200% of the closing cash balance in the bank during the period.

  Determine the opening cash balance of the club.

  Options:
  A) ₦3070
  B) ₦2220
  C) ₦5710
  D) ₦4320
  Show Answer
  The correct answer is B .
• Question 876: Use the information below to answer questions Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares? Options:
  A) ₦20,000
  B) ₦18,000
  C) ₦15,000
  D) ₦12,000
  Show Answer
  The correct answer is A .
• Question 877:

  Use the information to answer questions 40 and 41.

  Capital balances b/d:.....P.............₦20,000

  ..........................K.............₦10,000

  Drawings:.................P.............₦2, 000

  ..........................K.............₦1, 000

  Share of profits:.........K.............₦4, 000

  ..........................K.............₦2, 000

  Salary....................P.............₦1, 000

  Interest on drawings:.....K.............₦100

  ..........................K.............₦20

  Assuming that the partnership maintains a fixed capital, what is P's closing capital?

  Options:
  A) ₦25,000
  B) ₦24,900
  C) ₦22,900
  D) ₦20,000
  Show Answer
  The correct answer is D .
• Question 878:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheques}& 19404\\ \text{Cheques wrongly debited by bank}& 1404\end{array}$

  The balance as per bank statement is

  Options:
  A) ₦21,901
  B) ₦19,021
  C) ₦21,109
  D) ₦21,091
  Show Answer
  The correct answer is A .
• Question 879: The normal accounting entry to record the dishonor of a businessman is to? Options:
  A) debit cash book and credit suspense account
  B) debit cash book and credit drawer
  C) credit caah book and debit suspense account
  D) credit cash book and debit drawer
  Show Answer
  The correct answer is D .
• Question 880:

  

  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 .