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 911:

  Use the information below to answer questions 40 and 41.

  Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

  Capital - Keme.............₦20 000

  ........ - Kemi.............₦10 000

  Drawings - Keme.............₦2 000

  ........ - Kemi.............₦3 000

  Profit......................₦6 000

  Interest on capital.........5%

  Interest on drawings........10%

  The interest on Kemi's capital is?

  Options:
  A) ₦1 000
  B) ₦2 000
  C) ₦500
  D) ₦3 000
  Show Answer
  The correct answer is C .
• Question 912: A non-profit-making organization differs from a profit-making one in that? Options:
  A) it does not earn income
  B) proceeds from sale of shares form part of its income
  C) all its income is committed
  D) annual subscriptions and levies form part of its income
  Show Answer
  The correct answer is D .
• Question 913: The balancing figure in the purchases ledger control account is? Options:
  A) ₦15,828
  B) ₦15,720
  C) ₦14,940
  D) ₦14,694
  Show Answer
  The correct answer is D .
• Question 914:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .
• Question 915: When shares are sold at more than the per value, they are said to have been issued at Options:
  A) A premium
  B) Normal value
  C) A discount
  D) A profit
  Show Answer
  The correct answer is A .
• Question 916:

  Use the information below were to answer questions

  ...................Stationary Dept.............Video Dept.

  Sales ..............₦10,600.....................₦15,175

  Cost of goods sold..₦5,247......................₦6704

  The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

  The basis of cost apportionment is 1/2 stationary 1/3 video.

  Determine the net profit of the business?

  Options:
  A) ₦6600
  B) ₦6271
  C) ₦5353
  D) ₦7224
  Show Answer
  The correct answer is B .
• Question 917:

  Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

  Options:
  A) realisation concept
  B) entity concept
  C) going concern concept
  D) matching concept
  Show Answer
  The correct answer is B .
• Question 918: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 919:

  Use the information below to answer questions

  Subscription received during the year ₦30,000
  Subscription owed last year ₦4,000
  Subscription received for next year ₦6,000

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) ₦36,000
  B) ₦34,000
  C) ₦30,000
  D) ₦20,000
  Show Answer
  The correct answer is D .
• Question 920: On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be Options:
  A) borne by all the partners
  B) borne by the insolvent partner
  C) written off
  D) borne by the solvent partners
  Show Answer
  The correct answer is A .