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 931: The basis of accounting for public sector is Options:
  A) accrual basis
  B) cost basis
  C) revenue basis
  D) cash basis
  Show Answer
  The correct answer is D .
• Question 932: Use the information below to answer this question.

  Jejelaye Plc stock records for 2009 was given below:

  Jan 1 received 100 units at ₦1.00

  Jan 8 received 260 units at ₦1.05

  Jan 20 issued 700units at .........

  Feb 3 received 400 units at ₦1.15

  What will be the issued price of 700 units, using simple average method

  Options:
  A) ₦1.183
  B) ₦1.025
  C) ₦1.00
  D) ₦1.05
  Show Answer
  The correct answer is B .
• Question 933:

  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 934: Use the information below to answer this question.Dangote acquired Dantata’s business for ₦350,000. The total asset work were ₦820,000 and liabilities amounted to ₦640,000The double entry to record the goodwill in the books is debt Options:
  A) purchase of business account and credit cash account
  B) goodwill account and credit purchase of business account
  C) cash account and credit goodwill account
  D) goodwill account and credit cash account
  Show Answer
  The correct answer is B .
• Question 935: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 936:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Accumulated fund on 1st January 1993 is

  Options:
  A) ₦8 570
  B) ₦8 470
  C) ₦850
  D) ₦7 520
  Show Answer
  The correct answer is D .
• Question 937: Which of the following is credited to the consolidated revenue fund? Options:
  A) Recurrent expenditure
  B) Capital expenditure
  C) Transfer to revenue fund
  D) International revenue
  Show Answer
  The correct answer is A .
• Question 938: In converting a to a partnership company, the loss on asset revaluation is? Options:
  A) debited to the revaluation account
  B) debited to the profit and loss account
  C) credited to the revaluation account
  D) credited to the profit and loss account
  Show Answer
  The correct answer is B .
• Question 939: When a business incurs labour cost in installing a fixed asset, the cost is treated as Options:
  A) additional cost to the asset
  B) business wages and salaries
  C) installation cost of the asset
  D) business cost of the asset
  Show Answer
  The correct answer is A .
• Question 940:

  The rate of interest on capital for Ade is

  Options:
  A) 250
  B) 200
  C) 300
  D) 400
  Show Answer
  The correct answer is C .