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 1261:

  Use the information below to answer this question.A business has three departments x, y and zYou are given the following information Selling and distribution expenses ₦5200

  Rent for the year₦6000

  Department turnover floor space in square metres X ₦60,000 80 Y ₦80,000 60 Z ₦100,000 60How much rent is apportioned to department Z?

  Options:
  A) ₦1, 500
  B) ₦3, 000
  C) ₦1, 800
  D) ₦2, 000
  Show Answer
  The correct answer is C .
• Question 1262: Accounting information is used by investors and creditors of a company to predict Options:
  A) potential merger candidates for the company
  B) appropriate remunerations for the company’s staff
  C) future cash flows of the company
  D) future tax payments of the company
  Show Answer
  The correct answer is C .
• Question 1263:

  

  If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?

  Options:
  A) ₦13 000
  B) ₦11 300
  C) ₦10 000
  D) ₦8 000
  Show Answer
  The correct answer is D .
• Question 1264: The rules which govern the internal management of a firm and its financial affairs in a partnership business is a? Options:
  A) memorandum
  B) bye-law
  C) deed
  D) financial regulation
  Show Answer
  The correct answer is C .
• Question 1265: The amount required to replenish the payments made from the imprest was? Options:
  A) ₦399
  B) ₦394
  C) ₦358
  D) ₦101
  Show Answer
  The correct answer is B .
• Question 1266: One of the benefits of book-keeping records is that they? Options:
  A) give prospective investors accurate and direct information for decisions-making
  B) provide the public and creditors with details of the operations of an entity
  C) give legal backing to all the transactions undertaken by a business entity
  D) provide information without which the task of management would be difficult
  Show Answer
  The correct answer is A .
• Question 1267: Why are adjustments in the profit and loss account necessary? Options:
  A) To cover some expenses of the following year
  B) To ascertain the actual expenses incurred and income earned during the year
  C) To show the provision made during the year
  D) To show the total expenses paid and income received during the year
  Show Answer
  The correct answer is B .
• Question 1268: Stock valuation is useful because it forms the sales department on the? Options:
  A) price of the competing goods
  B) prices that will affect profitability
  C) number of goods to produce
  D) number of goods to sell
  Show Answer
  The correct answer is B .
• Question 1269: To compute gearing ratio, divide? Options:
  A) profit by capital employed
  B) current assets by current liability
  C) profit by total assets
  D) long-term debts by equity capital
  Show Answer
  The correct answer is D .
• Question 1270:

  

  The value of the owner's equity is

  Options:
  A) ₦400,000
  B) ₦900,000
  C) ₦957,000
  D) ₦1,357,000
  Show Answer
  The correct answer is C .