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 1211: When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit Options:
  A) application and allotment account and credit unsubscribed shares
  B) application and allotment account and credit cash
  C) oversubscribed shares and credit allotment account
  D) oversubscribed shares and credit allotment account
  Show Answer
  The correct answer is B .
• Question 1212:

  In government accounting , the method used which records on the basis of financial entity with self balancing books instead of entity of propietorship is?

  Options:
  A) virement
  B) fund accounting
  C) consolidated fund
  D) financial regulation
  Show Answer
  The correct answer is B .
• Question 1213: The expenditure on a good or services which is consumed either immediately or within a current accounting period is called Options:
  A) fixed expenditure
  B) capital expenditure
  C) annual expenditure
  D) recurrent expenditure
  Show Answer
  The correct answer is D .
• Question 1214: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 1215:

  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 1216:

  The term "accounting period" is used to refer to the

  Options:
  A) time span, usually one year covered by the financial statement
  B) period within which debtors are expected to settle accounts
  C) time, span during which taxes are paid to the inland revenue board
  D) budget period, usually one year relied on by the accountant
  Show Answer
  The correct answer is A .
• Question 1217:

  Given:

  Purchases ledger balance..............₦4000
  Purchases for the period..............₦50000
  Cash refunded by suppliers............₦290
  Cheques paid to suppliers..............₦42300
  Returns outwards.......................₦2000
  Discount received from suppliers.......₦400

  The balance of the purchases ledger control account is?

  Options:
  A) ₦10390
  B) ₦9990
  C) ₦9590
  D) ₦9010
  Show Answer
  The correct answer is C .
• Question 1218:

  Use the information below to answer question

  An asset was purchase for ₦343m in 2003.

  The estimated life of the asset was 3 years with a residual value of ₦28m.

  What was the asset value at the beginning of the third year?

  Options:
  A) ₦63m
  B) ₦133m
  C) ₦36m
  D) ₦28m
  Show Answer
  The correct answer is D .
• Question 1219: What does liquidity ratio measure? Options:
  A) measures operating efficiency of a company
  B) measures the ability of a company to meet its current obligations.
  C) measures the value of investments of a company
  D) measures the financial leverage of a company
  Show Answer
  The correct answer is B .
• Question 1220:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  What was the balance of cash with the petty cashier at the end of period 1?

  Options:
  A) ₦450
  B) ₦300
  C) ₦50
  D) ₦200
  Show Answer
  The correct answer is C .