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 251: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 252:

  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 253: The term 'posting' in Accounting refers to Options:
  A) recording entries in the journal
  B) transferring the balance in the ledger to the trial balance
  C) tracing amounts from the journal to the ledger to find errors
  D) transferring entries to the ledger from the journal
  Show Answer
  The correct answer is D .
• Question 254: Capital and revenue expenditures of government are usually accounted for under funds which include? Options:
  A) A personal advances, technical, special trust and
  B) technical, special trusth and commercial funds
  C) personal advances, treasury clearance and special trusth funds
  D) commercial loans and treasury clearance funds
  Show Answer
  The correct answer is A .
• Question 255: Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as Options:
  A) passing of entries
  B) consistency convention
  C) matching concept
  D) adjusting for revenue
  Show Answer
  The correct answer is C .
• Question 256: The accounting entries to record a cheque issued by a business is to Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is B .
• Question 257: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 258: What is the ledger entry for sale of generator on credit to Patrick? Options:
  A) credit sales account and debit Patrick’s account
  B) credit generator account and debit cash account
  C) credit sales account and debit cash account
  D) credit generator account and debit Patrick’s account
  Show Answer
  The correct answer is D .
• Question 259:

  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 .
• Question 260:

  Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  Options:
  A) Kola 1/3, Sunday 1/3 and Kemi 1/3
  B) Kola 1/5, Sunday 1/5 and Kemi 3/5
  C) Kola 2/5, Sunday 1/5 and Kemi 2/5
  D) Kola 2/5, Sunday 2/5 and Kemi 1/5
  Show Answer
  The correct answer is D .