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 121: The channel through which all government borrowing and domestic lending transactions pass is called? Options:
  A) special trust fund
  B) agency fund
  C) national loan fund
  D) contingency fund
  Show Answer
  The correct answer is D .
• Question 122: The capital of a sole trader can be increased by Options:
  A) debiting the capital account
  B) crediting the capital account
  C) debiting the cash account
  D) crediting the cash account
  Show Answer
  The correct answer is C .
• Question 123: One of the objectives of accounting is that it can be used for Options:
  A) business decision making
  B) due process in business
  C) motivating employees
  D) determining the work force
  Show Answer
  The correct answer is A .
• Question 124:

  I Space occupied by each department.

  Ii Average value of stock held by each department.

  Iii Departmental turnover.

  Iv Number of articles sold by each department .

  From the information above, the two most logical bases for apportioning expenses that are common to departments are?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is B .
• Question 125:

  Given:

  Capital at the beginning...............₦20 000
  Drawings...............................₦3 000
  Capital................................₦30 000
  New capital introduced.................₦8 000

  What is the profit for the period?

  Options:
  A) ₦4 000
  B) ₦5 000
  C) ₦6 000
  D) ₦8 000
  Show Answer
  The correct answer is B .
• Question 126: The difference between the closure of the books of a branch and those of a separate company is that? Options:
  A) there is retained earnings account on the branch books
  B) the revenue and expenses account is closed to branch current account
  C) there is no retained earnings account on the branch
  D) the revenue and expenses account is not closed to the home office current account
  Show Answer
  The correct answer is A .
• Question 127: An advantage of FIFO method of stock valuation is that Options:
  A) it serves-as a control during inflation
  B) it is calculated at the end of the year
  C) it is progressive in nature
  D) its flow of cost is in sequence with the flow of stock.
  Show Answer
  The correct answer is D .
• Question 128:

  Which of the following are advantages of departmental accounts?

  Options:
  A) the capital of the business can be calculated easily
  B) easy knowledge of the sources of funding
  C) encouragement of healthy rivalry among the various department
  D) the department making the highest profit can be easily determined
  Show Answer
  The correct answer is D .
• Question 129:

  Given:

  Fixed assets Liabilities Current assets

  ₦ 55,000 20,000 13,000

  What is the capital?

  Options:
  A) ₦88,000
  B) ₦48,000
  C) ₦62,000
  D) ₦55,000
  Show Answer
  The correct answer is B .
• Question 130:

  Use the information below to answer questions

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  What is the amount of the additional capital?

  Options:
  A) ₦900
  B) ₦900 000
  C) ₦90 000
  D) ₦9 000
  Show Answer
  The correct answer is D .