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 111: Replacement and renewal of fixed assets are? Options:
  A) revenue receipt
  B) capital receipt
  C) capital expenditure
  D) revenue expenditure
  Show Answer
  The correct answer is C .
• Question 112: The total cash and cheques received from customers in a control account is derived from the Options:
  A) income and expenditure account
  B) cashbook
  C) purchases day book
  D) sales journal
  Show Answer
  The correct answer is C .
• Question 113: 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 114: The financial position of an organization at a particular time can be ascertained from the Options:
  A) statement of sources and application of funds
  B) statement of retained earnings
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is C .
• Question 115:

  The importance of bank statement is all except

  Options:
  A) verifies the accuracy of balances of cash book and cheque book
  B) helps to detect and rectify any error
  C) helps to debit an account
  D) helps to update the cash book
  Show Answer
  The correct answer is C .
• Question 116:

  Changes in the profit sharing ratio may occur as a result of

  I. skill contributed by partners
  II. health status
  III. old age
  IV. Intangible asset increase

  Options:
  A) I, III and IV
  B) I and III
  C) I, II and III
  D) I, II and IV
  Show Answer
  The correct answer is C .
• Question 117: If the capital of the partnership is unfixed, what is K's current accounts? Options:
  A) ₦11,950
  B) ₦10,950
  C) ₦20
  D) ₦0
  E) NO OPTION
  Show Answer
  The correct answer is E .
• Question 118:

  Five hundred naira monthly is allowed on an imprest system.

  The following transactions took place.

  Period 1:

  Cash advanced to petty cashier......₦500
  Petty cashier paid out: stamp.......₦200
  Newspaper...........................₦250

  Period 2:

  Cash to petty cashier...............₦450
  Cashier paid for writing materials..₦350

  How much should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦250
  C) ₦350
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 119:

  Cash Book (Extract)
  	₦		₦
  Balance b/f	2,200	Sundry expenses	16,800
  		Drawings	4,700
  Receipt from customers	16,400	Suppliers	7,300

  Debtors opening and closing balances amount to ₦6,500 and ₦7,600 respectively, What is the sales value?

  Options:
  A) ₦15,300
  B) ₦17,500
  C) ₦28,400
  D) ₦31,600
  Show Answer
  The correct answer is B .
• Question 120: When there is no basis of apportionment in an organization, the expenses should be apportioned based on Options:
  A) sales
  B) purchases
  C) equality
  D) floor space
  Show Answer
  The correct answer is C .