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: Which of the following is a credit item in creditors ledger control account? Options:
  A) Purchases returns
  B) Bills payable
  C) Purchases
  D) Cash receipts
  Show Answer
  The correct answer is C .
• Question 92:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .
• Question 93:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 1 would be

  Options:
  A) debit capital and credit cash
  B) credit cash and debit bank
  C) debit cash and credit capital
  D) debit purchases and credit cash
  Show Answer
  The correct answer is C .
• Question 94:

  Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.

  What is the new profit-sharing ratio of Marhumu and Yusuf?

  Options:
  A) 50% : 25%
  B) 50% : 20%
  C) 25% : 50%
  D) 25% :25%
  Show Answer
  The correct answer is A .
• Question 95:

  The ordinary shareholders enjoy the following right except the right to

  Options:
  A) receive dividends at a predetermined rate
  B) vote at annual general meetings
  C) elect the board of directors
  D) participate in additional issues of shares
  Show Answer
  The correct answer is A .
• Question 96:

  A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued

  What is the issued capital

  Options:
  A) ₦40
  B) ₦48
  C) ₦50
  D) ₦80
  Show Answer
  The correct answer is B .
• Question 97: The chief accounting officer of a local government is the? Options:
  A) Chairman
  B) Treasurer
  C) Director of personnel
  D) Auditor
  Show Answer
  The correct answer is A .
• Question 98:

  Which of the following is a conversion cost?

  Options:
  A) Factory overhead
  B) purchases
  C) material cost
  D) wages
  Show Answer
  The correct answer is A .
• Question 99:

  The accounting entries used to record a cheque issued by a business is to?

  Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is A .
• Question 100:

  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 .