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 1111:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 1112:

  A component of an overhead manufacturing cost is

  Options:
  A) cost of work-in-progress
  B) cost of finished goods
  C) labour
  D) rent
  Show Answer
  The correct answer is D .
• Question 1113: The gross profit disclosed in the branch stock adjustment account represents? Options:
  A) head office profit
  B) unrealized profit
  C) estimated profit
  D) branch profit
  Show Answer
  The correct answer is D .
• Question 1114:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  What is the opening cash balance

  Options:
  A) ₦20,600
  B) ₦8,050
  C) ₦3,650
  D) ₦8,500
  Show Answer
  The correct answer is C .
• Question 1115: Provision for bad and double debts in companies final accounts is treated in? Options:
  A) trading account
  B) profit and loss account
  C) fund flow statement
  D) cash flow statement
  Show Answer
  The correct answer is B .
• Question 1116: Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be? Options:
  A) used to pay all taxes due to government
  B) used to start a new partnership business by members who are willing
  C) shared equally by the existing partners
  D) used in paying the debts and liabilities of the firm to persons who are not partners
  Show Answer
  The correct answer is D .
• Question 1117: Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet? Options:
  A) creditors
  B) debtors
  C) stock
  D) suspense
  Show Answer
  The correct answer is C .
• Question 1118: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 1119: The issued share capital is the number of shares that are Options:
  A) authorized by share holders
  B) shared among the directors
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is A .
• Question 1120:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .