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 221: When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at Options:
  A) a price above or below the stipulated price
  B) any price but not below the transfer price
  C) cost price
  D) a price that is equal to the mark-up
  Show Answer
  The correct answer is A .
• Question 222: Which of the following is accounted for in receipts and payment account Options:
  A) Subscriptions recieved in advance
  B) Subscriptions due not yet recieved
  C) Accrued expenses on annual dances
  D) Depreciation of the club house
  Show Answer
  The correct answer is A .
• Question 223:

  The short term solvency of a company is determined with ------- ratio

  Options:
  A) acid test
  B) gross profit margin
  C) debt to equity
  D) current
  Show Answer
  The correct answer is D .
• Question 224:

  The following information is provided for Amusa company limited, a manufacturer

  Prime cost ₦999,000
  Manufacturing overhead ₦132,000
  Closing work in progress ₦75,000
  Values of finished goods transferred to the trading account ₦1,116,000

  If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period?

  Options:
  A) ₦85,000
  B) ₦80,000
  C) ₦70,000
  D) ₦65,000
  Show Answer
  The correct answer is D .
• Question 225:

  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 .
• Question 226: The double principle of accounting was developed by? Options:
  A) Frank Wood
  B) Luca Pacioli
  C) Akintola Williams
  D) William Pickles
  Show Answer
  The correct answer is B .
• Question 227: Which fund is used to meet unforeseen or urgent expenditure Options:
  A) General reserve fund
  B) Consolidated Reserve Fund
  C) contingencies fund
  D) special fund
  Show Answer
  The correct answer is B .
• Question 228:

  In dealing with incomplete record, fixed assets are posted to___________-

  Options:
  A) Profit and loss account as brought forward figure
  B) Closing balance sheet as carried forward figure
  C) Closing balance sheet as brought forward figure
  D) Profit and loss as carried forward figure
  Show Answer
  The correct answer is C .
• Question 229: Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the? Options:
  A) cash receipts journal
  B) sales journal
  C) general journal
  D) cash disbursement journal.
  Show Answer
  The correct answer is D .
• Question 230:

  The value of the current assets will be?

  Options:
  A) N10,361
  B) N10,651
  C) N17,396
  D) N17,848
  Show Answer
  The correct answer is B .