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 131:

  Given:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 132:

  One of the limitations of accounting is that

  Options:
  A) it ascertain financial position
  B) it prevent fraud
  C) transactions are recorded in monetary terms
  D) it monitor the progress of the enterprise
  Show Answer
  The correct answer is C .
• Question 133:

  Use the information to answer this question...............ZEBRA PLC..............

  .............Balance sheet as at 31st March, 2002

  ...............N...............N............N......

  Capital......100,000...Fixed assets:

  Current................Land &..................

  Liabilities...........buildings..50,000......

  Creditors........30000..Furniture..10,000....60,000

  .......................Current..................

  .......................Assets: .......

  ..................Stock .........30,000...........

  ..................Debtors.......30,000.............

  ..................Cash..........10,000......70,000..

  .............130,000.........................130,000

  The business was acquired on 1st April, 2002 at a purchase consideration of ₦120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional ₦20,000 was paid into the bank.Calculate the network of the business

  Options:
  A) ₦120,000
  B) ₦90,000
  C) ₦80,000
  D) ₦30,000
  Show Answer
  The correct answer is B .
• Question 134: The capital contribution by the partners is treated in the? Options:
  A) current account
  B) capital account
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .
• Question 135: The control account is used in facilitating Options:
  A) the location of errors in the various accounts
  B) up to date bank transactions
  C) the payment of debts and liabilities of the firm
  D) assets distribution with respect to income
  Show Answer
  The correct answer is A .
• Question 136:

  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 137:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .
• Question 138:

  Retained profits is an example of

  Options:
  A) Revenue reserve
  B) Capital reserves
  C) General reserves
  D) Loan capital
  Show Answer
  The correct answer is A .
• Question 139:

  Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

  Options:
  A) 20,580
  B) 10,290
  C) 7980
  D) 30,870
  Show Answer
  The correct answer is B .
• Question 140:

  The interest of a petty cashier is ₦2450

  Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month?

  Options:
  A) ₦1, 605
  B) ₦8, 45
  C) ₦2, 450
  D) ₦1, 300
  Show Answer
  The correct answer is B .