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 1091:

  In company account, dividend payments are effected in which of the following accounts?

  Options:
  A) realization
  B) current
  C) appropriation
  D) capital
  Show Answer
  The correct answer is C .
• Question 1092:

  Which of these is not method of stock valuation?

  Options:
  A) FIFO method
  B) Base method
  C) Standard method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 1093:

  The main difference between the ordinary and preference shareholders is that?

  Options:
  A) the former have voting rights while the latter do not
  B) in the case of winding up, the former are paid first before the latter
  C) the latter are not members of the company while the former are
  D) the former receives dividends while the latter do not
  Show Answer
  The correct answer is A .
• Question 1094: The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of Options:
  A) goods available for sale
  B) goods sold
  C) goods manufactured
  D) materials put into production
  Show Answer
  The correct answer is C .
• Question 1095:

  Use the information below to answer questions 40 and 41.

  Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

  Capital - Keme.............₦20 000

  ........ - Kemi.............₦10 000

  Drawings - Keme.............₦2 000

  ........ - Kemi.............₦3 000

  Profit......................₦6 000

  Interest on capital.........5%

  Interest on drawings........10%

  The interest on Keme's drawings is calculated as? Options:
  A) ₦200
  B) ₦150
  C) ₦300
  D) ₦100
  Show Answer
  The correct answer is A .
• Question 1096: The price paid by an acquiring company is the? Options:
  A) premium
  B) purchase consideration
  C) sales consideration
  D) conversion fee
  Show Answer
  The correct answer is B .
• Question 1097:

  

  Given:

  Determine the balance

  Options:
  A) 415,000 debit
  B) 215,000 credit
  C) 215,000 debit
  D) 315,000 credit
  Show Answer
  The correct answer is C .
• Question 1098: The basis upon which assets of an organization is valued is the Options:
  A) historical concept
  B) business entity concept
  C) periodicity concept
  D) materiality concept
  Show Answer
  The correct answer is A .
• Question 1099: A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period? Options:
  A) ₦17,800
  B) ₦19,600
  C) ₦29,200
  D) ₦32,800
  Show Answer
  The correct answer is D .
• Question 1100: Which of the following statement is correct about the head office current account and the branch current account? Options:
  A) Both always have debit balances
  B) both always have credit balances
  C) the head office current account has a credit balance while the branch current account has a debit balance
  D) the head office current account has a debit balance while the branch current account has a credit balance
  Show Answer
  The correct answer is D .