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: When goods produced are transferrd at cost plus mark-up sale, the difference between the cost and the transferred price is a Options:
  A) discount
  B) sales commission
  C) manufacturing profit
  D) factory reserves
  Show Answer
  The correct answer is C .
• Question 92:

  A credit balance on a receipt and payments account indicates that the non-profit making organization?

  Options:
  A) had more revenues than expenses during the period
  B) did not owe much liabilities during the period
  C) received more cash than it paid out during the period
  D) made more cash payments than it received during the period
  Show Answer
  The correct answer is C .
• Question 93:

  Under which of the following conditions is a partnership dissolved?

  Options:
  A) change of the partnership's head office
  B) purchase of a large quantity of fixed assets
  C) admission of a new partner
  D) retirement of a manager who is not a partner
  Show Answer
  The correct answer is C .
• Question 94:

  Which of the following is not charged to manufacturing account?

  Options:
  A) Direct expenses
  B) Factory wages
  C) Distribution expenses
  D) Raw materials
  Show Answer
  The correct answer is C .
• Question 95:

  Use the information above to answer question 9 and 10.

  Period 1:

  ........Cash to petty cashier.............₦1000

  ........Petty cashier pays out............₦780

  Period 2:

  ........Petty cashier pays out............₦840

  If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

  Options:
  A) 160
  B) 840
  C) 1000
  D) 1040
  Show Answer
  The correct answer is D .
• Question 96: A bookkeeping error occurs when there is? Options:
  A) a deliberate manipulation of records
  B) unintentional correct posting in the ledger
  C) intentional failure to record transactions completely
  D) incorrect records and oversights that are not intended
  Show Answer
  The correct answer is D .
• Question 97: If a partner pays a premium of ₦500 for 1/5 share of profit, then the total value of goodwill is? Options:
  A) ₦500
  B) ₦2,000
  C) ₦2,500
  D) ₦3,000
  Show Answer
  The correct answer is A .
• Question 98: The normal accounting entry to record the dishonor of a businessman is to? Options:
  A) debit cash book and credit suspense account
  B) debit cash book and credit drawer
  C) credit caah book and debit suspense account
  D) credit cash book and debit drawer
  Show Answer
  The correct answer is D .
• Question 99:

  At the end of a financial period, the trading

  Profit and loss account of a sole trader

  Shows a profit of #180,000. it is however

  Discovered that revenue of #15,000 is

  Recorded as expenses while expenses of

  #4,000 is recorded as revenue.The revenue to be added as an adjustment is

  Options:
  A) #34,000
  B) #30,000
  C) #15,000
  D) #4,000
  Show Answer
  The correct answer is B .
• Question 100: 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 .