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 1041:

  The part of capital issued only at the time of liquidation of the company is

  Options:
  A) issued capital
  B) called-up capital
  C) paid-up capital
  D) reserved capital
  Show Answer
  The correct answer is D .
• Question 1042:

  One of the major features of book keeping is that it

  Options:
  A) is futuristic in nature
  B) accepts responsibility for all wrong postings
  C) provides permanent records for all financial transactions
  D) does not give room for double entry procedure
  Show Answer
  The correct answer is C .
• Question 1043: Books of original entry are used for Options:
  A) recording business transactions
  B) the adjustment of accounts
  C) reminding the book keeping to post transactions in the ledger
  D) informing the bookkeeper about the state of affairs
  Show Answer
  The correct answer is A .
• Question 1044:

  Use the information below to answer the question.

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  The cost of raw materials consumed is

  Options:
  A) ₦17 250
  B) ₦15 750
  C) ₦15 000
  D) ₦14 250
  Show Answer
  The correct answer is D .
• Question 1045: Which of the following expenses relates to the profit and loss account of a manufacturing firm Options:
  A) Direct materials
  B) Direct labour
  C) Administrative overhead
  D) Work-in-progress
  Show Answer
  The correct answer is C .
• Question 1046: Subscription in advance is treated in the balance sheet as a Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) long term liability
  Show Answer
  The correct answer is B .
• Question 1047:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  The yearly depreciation using the straight line method would be? Options:
  A) ₦5,200
  B) ₦6,500
  C) ₦8,800
  D) ₦4,400
  Show Answer
  The correct answer is A .
• Question 1048:

  A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

  The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?

  Options:
  A) ₦22,400
  B) ₦32,000
  C) ₦51,200
  D) ₦76,800
  Show Answer
  The correct answer is A .
• Question 1049: On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be Options:
  A) borne by all the partners
  B) borne by the insolvent partner
  C) written off
  D) borne by the solvent partners
  Show Answer
  The correct answer is A .
• Question 1050:

  Cash Book
  	₦		₦
  Capital	2,600	Purchases	15,000
  Sales	28,200	Rent	1,250
  		Motor vehicle	7,600

  Determine the bank balance

  Options:
  A) ₦6,950 credit
  B) ₦6,950 debit
  C) ₦6,000 credit
  D) ₦6,000 debit
  Show Answer
  The correct answer is B .