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 91:

  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 92:

  Use the information to answer the question.

  ..........................30/9/06.......30/9/07.....

  ............................N.............N.........

  Accrued insurance premium...600...........710.......

  Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

  Options:
  A) ₦1,710
  B) ₦1760
  C) ₦2000
  D) ₦2240
  Show Answer
  The correct answer is D .
• Question 93: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 94: Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet? Options:
  A) creditors
  B) debtors
  C) stock
  D) suspense
  Show Answer
  The correct answer is C .
• Question 95: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 96: Which method of pricing can be used satisfactorily in either rising or falling price situation? Options:
  A) Market price
  B) Average method
  C) FIFO
  D) Standard price
  Show Answer
  The correct answer is B .
• Question 97: Which of the following is a debit entry in debtors control account? Options:
  A) discount allowed
  B) return inwards
  C) credit sales
  D) cash from debtors
  Show Answer
  The correct answer is C .
• Question 98:

  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 99: Which of the following cannot be realized? Options:
  A) creditors
  B) debtors
  C) motor vehicles
  D) goodwill
  Show Answer
  The correct answer is D .
• Question 100: The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the? Options:
  A) smart card
  B) communication network
  C) magnetic strip
  D) computerized account
  Show Answer
  The correct answer is A .