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 361: Which of the following ratios gives an idea of the liquidity of a firm? Options:
  A) Turnover ratio
  B) Quick ratio
  C) Debit ratio
  D) Dividend yield
  Show Answer
  The correct answer is B .
• Question 362:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 363: The basis upon which assets of an organization is valued is the Options:
  A) historical concept
  B) business entity concept
  C) periodicity concept
  D) materiality concept
  Show Answer
  The correct answer is A .
• Question 364: Petty cash book records transactions on Options:
  A) the debit side only
  B) the credit side only
  C) both credit and debit sides
  D) reversed entry
  Show Answer
  The correct answer is C .
• Question 365:

  Motor: ₦10 000
  Fixtures: ₦5 000
  Cash: ₦2 500
  Creditors: ₦7 000
  Loan: ?

  LOAN IS 30% OF CREDITORS.

  What is the capital balance?

  Options:
  A) ₦1000
  B) ₦2 100
  C) ₦900
  D) ₦1200
  Show Answer
  The correct answer is B .
• Question 366:

  The issued share capital is the number of shares that are

  Options:
  A) shared among the directors
  B) authorised by the shareholders
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is B .
• Question 367: The total cash and cheques received from customers in a control account is derived from the Options:
  A) purchases day book
  B) cash book
  C) income and expenditure account
  D) sales journal
  Show Answer
  The correct answer is B .
• Question 368: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 369:

  	₦		₦
  Bal. b/f	3,250	Bal. b/f.	215
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23,430		23430
  Bal b/d	4740	Bal b/d	230

  Dr. Sales Ledger Control Account . Cr

  The amount ₦16,378.50 described as "Bank" represents

  Options:
  A) receipts from trade debtors only
  B) cash sales for the month including discount
  C) receipts from all debtors of the business
  D) cash sales for the month excluding discount
  Show Answer
  The correct answer is C .
• Question 370:

  Use the information below to answer questions

  Turnover...........................₦120 000

  Net profit before tax..............₦40 000

  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000

  Preference shares..................₦6 000

  Corporate tax is 30%...............₦10 000

  The undistributed profit carried forward is?

  Options:
  A) ₦68 000
  B) ₦20 000
  C) ₦74 000
  D) ₦34 000
  Show Answer
  The correct answer is A .