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 11:

  Uju Nig. Ltd. Balance Sheet (Extract)
  	₦		₦
  Capital	200,000	Land and building	250,000
  Net profit	50,000	Stock	20,000
  5% debenture	100,000	Debtors	50,000
  Creditors	80,000	Bank	10,000
  	430,000		430,000

  The debit ratio is approximately

  Options:
  A) 43%
  B) 42%
  C) 41%
  D) 23%
  Show Answer
  The correct answer is D .
• Question 12:

  Use the information below to answer the question

  Prime cost..................₦12 100
  Lighting....................₦10 000
  Heating.....................₦15 000
  Factory overhead............?

  The production department's share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

  Interest on the drawings of partners is treated in the

  Options:
  A) profit and loss appropriation account
  B) goodwill account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is A .
• Question 13:

  Which of the following stock valuation method is suitable under inflationary conditions?

  Options:
  A) LIFO
  B) simple average
  C) FIFO
  D) weighted average
  Show Answer
  The correct answer is C .
• Question 14:

  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 15:

  Given:
  ₦
  Total debtors b/d 31/12/99 25,000
  Cheques received from debtors 255,000
  Total debtors c/d 31/12/00 15,000

  Calculate the sales figure

  Options:
  A) ₦245,000
  B) ₦215,000
  C) ₦295,000
  D) ₦265,000
  Show Answer
  The correct answer is A .
• Question 16: In converting a to a partnership company, the loss on asset revaluation is? Options:
  A) debited to the revaluation account
  B) debited to the profit and loss account
  C) credited to the revaluation account
  D) credited to the profit and loss account
  Show Answer
  The correct answer is B .
• Question 17:

  Under which of the following conditions is a partnership dissolved?

  Options:
  A) change of the partnership's head office
  B) purchase of a large quantity of fixed assets
  C) admission of a new partner
  D) retirement of a manager who is not a partner
  Show Answer
  The correct answer is C .
• Question 18:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905The value of the current assets will be

  Options:
  A) #10,361
  B) #10,651
  C) #17,396
  D) #17,848
  Show Answer
  The correct answer is B .
• Question 19: The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed Options:
  A) materiality
  B) objectivity
  C) consistency
  D) conservatism
  Show Answer
  The correct answer is D .
• Question 20: In partnership dissolution, an asset taken over by a partner is debited to? Options:
  A) partners capital account and credited to realization account
  B) Partners capital account and credited to asset account
  C) asset account and credited to realization account
  D) realization account and credited to capital account
  Show Answer
  The correct answer is A .