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 1191: The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the? Options:
  A) smart card
  B) communication network
  C) magnetic strip
  D) computerized account
  Show Answer
  The correct answer is A .
• Question 1192: The movement of goods from head office to a branch is treated in the in the head office accounts as? Options:
  A) sales
  B) issue
  C) purchase
  D) requisition
  Show Answer
  The correct answer is C .
• Question 1193: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 1194:

  

  It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

  Determine the club's excess of income over expenditure

  Options:
  A) ₦12000
  B) ₦15000
  C) ₦10000
  D) ₦14500
  Show Answer
  The correct answer is A .
• Question 1195:

  Branch stock adjustment account is prepared at?

  Options:
  A) Cost price
  B) new price
  C) invoice price
  D) normal price
  Show Answer
  The correct answer is C .
• Question 1196:

  If only wages is shown on the trial balance, it should be charged to the

  Options:
  A) profit and loss account
  B) trading account
  C) balance sheet
  D) wages account
  Show Answer
  The correct answer is A .
• Question 1197:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  What was the cost of goods sold?

  Options:
  A) ₦25,000
  B) ₦35,000
  C) ₦50,000
  D) ₦75,000
  Show Answer
  The correct answer is D .
• Question 1198:

  Changes can occur in partnership when:

  I. partnership is dissolved

  Ii. There is amalgamation of partnership

  Iii.There is a change in the profit or loss sharing ratio

  Iv. Intangible asset increase

  Options:
  A) I,II and IV
  B) I & III
  C) I,II and III
  D) I, III and IV
  Show Answer
  The correct answer is C .
• Question 1199:

  The current growth in the volume of trading and financial dealings in Nigeria is helped by

  Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 1200: Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000 Options:
  A) ₦16,000
  B) ₦17,000
  C) ₦13,000
  D) ₦14,000
  Show Answer
  The correct answer is A .