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 131: The balance on the provision for depreciation account is? Options:
  A) added to fixed assets on the balance sheet
  B) deducted from the fixed assets on the balance sheet
  C) deducted from the profitand loss account
  D) added to current liabilities of the account
  Show Answer
  The correct answer is B .
• Question 132:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

  Options:
  A) ₦7,000
  B) ₦11,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 133: An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read ₦722. Uncredited cheques were Bimpe ₦40; Wale ₦60 while unpresented cheques were; Usman ₦20, Kalu ₦32 and Musa ₦70. What is the cash book balance after the reconciliation? Options:
  A) ₦700
  B) ₦770
  C) ₦800
  D) ₦822
  Show Answer
  The correct answer is A .
• Question 134: Calculate the provision to be taken to the balance sheet? Options:
  A) ₦780
  B) ₦800
  C) 1200
  D) ₦200
  Show Answer
  The correct answer is B .
• Question 135: Recurrent expenditure are expenses for the period not exceeding? Options:
  A) 10 years
  B) 5 years
  C) 2 years
  D) 1 year
  Show Answer
  The correct answer is D .
• Question 136:

  Use the information below to answer this question.

  Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.

  Extract from their books for the year ended are

  Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

  Ojo's share of profit is

  Options:
  A) 2475
  B) 1322.5
  C) 4950
  D) 6000
  Show Answer
  The correct answer is B .
• Question 137: If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000? Options:
  A) ₦130,000
  B) ₦125,000
  C) ₦80,000
  D) ₦75,000
  Show Answer
  The correct answer is D .
• Question 138:

  In a control account, provision for bad debts is found on the

  Options:
  A) credit side of the sales ledger control account
  B) debit side of the purchases ledger control açcount
  C) debit side of the sales ledger control account
  D) credit side of the purchases ledger control account
  Show Answer
  The correct answer is A .
• Question 139:

  Which of these is the main source document for recording cash paid into bank?

  Options:
  A) invoice
  B) credit note
  C) cheque book
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 140:

  Given:

  I. It records subscription in arrears
  II. Payments of liabilities is effected
  III. The account does not show if cash payment is revenue or capital expenditure
  IV. It performs the same function as cash book

  The features of receipts and payment account includes:

  Options:
  A) III and IV
  B) I, II and IV
  C) II, III and IV
  D) I, II and III
  Show Answer
  The correct answer is C .