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 21: An expenses is said to be revenue in nature if it Options:
  A) adds or contributes to the operating income of the business
  B) necessitates the introduction of additional capital
  C) reduces the capital of the business
  D) adds to or improves the value of fixed assets
  Show Answer
  The correct answer is A .
• Question 22:

  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 23:

  Total production cost- #360,000

  Factory overhead cost- #56,000

  Selling price per unit- # 120

  Production volume 4000 unitsDetermine the value of prime cost

  Options:
  A) #416,000
  B) #304,000
  C) #240,000
  D) #184,000
  Show Answer
  The correct answer is B .
• Question 24:

  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 25: In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are Options:
  A) business purchase account and ordinary share capital account
  B) Business purchase account, vendor account and ordinary share capital account
  C) business purchase account and vendor account
  D) ordinary share capital account, vendor account and unpaid share capital account
  Show Answer
  The correct answer is B .
• Question 26:

  One of these is not a similarity between Joint Venture and Partnership.

  Options:
  A) AIM is profit making
  B) It is for a specific venture
  C) Involves two people
  D) have rights and duties
  Show Answer
  The correct answer is B .
• Question 27: When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as Options:
  A) uncredited cheques
  B) dishonoured cheques
  C) direct remittance to the bank
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 28: Goods stolen at the branch is debited to Options:
  A) branch stock account
  B) defalcations account
  C) branch debtors account
  D) branch adjustment account
  Show Answer
  The correct answer is D .
• Question 29: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .
• Question 30:

  The journal has the following headings except

  Options:
  A) date
  B) debit
  C) discount
  D) credit
  Show Answer
  The correct answer is C .