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 921:

  Balance sheet (extract)

  	N
  Creditors	7,940
  Prepaid expenses	290
  Accrual expenses	323
  Stock	4,500
  Cash balances	4,956
  Debtors	905

  Use the information in the above table to answer the question.

  Determine the current liabilities.

  Options:
  A) N8,553
  B) N8,263
  C) N7,940
  D) N1,228
  Show Answer
  The correct answer is B .
• Question 922:

  The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

  Options:
  A) Call in advance
  B) call in arrears
  C) forfeiture
  D) shares
  Show Answer
  The correct answer is B .
• Question 923:

  Which fund is used to meet unforeseen or urgent expenditure

  Options:
  A) special fund
  B) contigencies fund
  C) general reserve fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .
• Question 924: In preparing the final accounts, the bad debt account is closed by a transfer to the? Options:
  A) balance sheet
  B) provision for bad debt account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is C .
• Question 925: Use the information below to answer this question.Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of₦12,000 furniture worth of ₦18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth ₦35,000.What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co? Options:
  A) 2 : 3
  B) 3 : 2
  C) 6 : 5
  D) 5 : 6
  Show Answer
  The correct answer is A .
• Question 926:

  Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

  Options:
  A) Tosanwumi International, credit purchase Account
  B) Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
  C) Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
  D) Tosanwumi International ₦150,000, credit credit Account ₦150,000
  Show Answer
  The correct answer is B .
• Question 927:

  (i) Meet growth and diversification need.

  (ii) Reach out to particular customers or markets

  (iii) Comply with some regulatory directives

  (iv) Increase employees' income.

  Which of the reasons above do companies consider in establishing branches?

  Options:
  A) i and ii
  B) i, ii and iii
  C) ii, iii and iv
  D) iii and iv
  Show Answer
  The correct answer is A .
• Question 928:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  The net profit for departmental A is

  Options:
  A) 1880
  B) 1600
  C) 880
  D) 425
  Show Answer
  The correct answer is D .
• Question 929: The best method of allocating expenses among departments is to? Options:
  A) allocate expenses to each department in proportion to the sales of that department
  B) charge against each department those costs which are within its control
  C) charge expenses against each department in proportion to the purchases of that department
  D) allocate expenses to each section of the department in relation to the number of people
  Show Answer
  The correct answer is B .
• Question 930:

  When the goods are sold on credit to a buyer, the account receivable account will be

  Options:
  A) debit and credit
  B) contra entry
  C) debited
  D) credited
  Show Answer
  The correct answer is C .