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 191: In a control account, provision for bad debts is found on the? Options:
  A) debit side of the purchases ledger control account
  B) debit side of the sales ledger control account
  C) credit side of the purchases ledger control account
  D) credit side of the sales ledger control account
  Show Answer
  The correct answer is D .
• Question 192: A debit in the suspense accounting will appear in the balance sheet as? Options:
  A) a current asset
  B) a current lability
  C) capital
  D) drawings
  Show Answer
  The correct answer is A .
• Question 193:

  When expenses are paid on behalf of the venture, the accounting entries is to debit

  Options:
  A) expenses account and credit bank account
  B) bank account and credit joint venture account
  C) joint venture account and credit bank account
  D) joint venture account and credit expenses account
  Show Answer
  The correct answer is C .
• Question 194:

  Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) N6,120,000
  B) N8,280,000
  C) N6,120,300
  D) N8,820,000
  Show Answer
  The correct answer is B .
• Question 195:

  Which of the following is prepared to ascertain the trader's capital under incomplete records?

  Options:
  A) statement of affairs
  B) statement of capital and liabilites
  C) statement of complete records
  D) income statement
  Show Answer
  The correct answer is A .
• Question 196: Which of the following concept stipulates that accounting profit is the difference between revenue and expenses? Options:
  A) Accrual concept
  B) Conservatism concept
  C) Prudence concept
  D) Materiality concept
  Show Answer
  The correct answer is A .
• Question 197: Why are adjustments in the profit and loss account necessary? Options:
  A) To cover some expenses of the following year
  B) To ascertain the actual expenses incurred and income earned during the year
  C) To show the provision made during the year
  D) To show the total expenses paid and income received during the year
  Show Answer
  The correct answer is B .
• Question 198: The document setting out the regulations regarding shares, meetings and internal organization of a company is known as Options:
  A) memorandum of association
  B) article of association
  C) prospectus
  D) company law
  Show Answer
  The correct answer is B .
• Question 199:

  Given:

  Net profit b/d.....................₦10,000

  Interest on capital:...M...........₦2, 000

  .......................K...........₦1, 000

  Partners' on salary....K...........₦800

  Interest on drawings...M...........₦500

  Profit sharing ratio M and K 3:2

  Determine M's share of profit?

  Options:
  A) 6,280
  B) 4,020
  C) 2,820
  D) 2,280
  Show Answer
  The correct answer is B .
• Question 200:

  Given:

  Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;

  On application 46k

  On allotment 20k

  1st Call 15k

  2nd Call 19kHow much is to be paid for application?

  Options:
  A) #230,000
  B) #280,000
  C) #500,000
  D) #550,000
  Show Answer
  The correct answer is A .