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 421: 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 422: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 423:

  Use the information below to answer question .

  ...........PQ Manufacturing Company

  Raw materials (1/11/2001)...........₦3 500

  Raw materials (31/12/2001)..........₦4 900

  Purchase of raw materials...........₦56 000

  Salary .............................₦63 000

  Wages...............................₦148 000

  Factory lighting ...................₦3 080

  Plant Depreciation..................₦2 800

  Factory Insurance ..................₦2 170

  The overhead cost is?

  Options:
  A) ₦71 050
  B) ₦68 250
  C) ₦67 970
  D) ₦66 080
  Show Answer
  The correct answer is A .
• Question 424:

  Transfers from the head office to branches are best carried out at__________

  Options:
  A) Cost price
  B) Cost plus mark up
  C) Selling price
  D) Market price
  Show Answer
  The correct answer is B .
• Question 425: Goodwill is determined using? Options:
  A) capital contribution
  B) number of partnerd admitted
  C) the business and customer relations
  D) number of active partners
  Show Answer
  The correct answer is B .
• Question 426: 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 .
• Question 427:

  1. Direct materials

  11.Direct labour

  111.Direct expenses

  1V. Factory expensesPrime cost consist of

  Options:
  A) 1,11 and 111
  B) 1,11 and 1V
  C) 1,111 and 1V
  D) 11,111 and 1V
  Show Answer
  The correct answer is A .
• Question 428:

  Use the following to answer this question.

  Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

  The Unissued capital of the company is

  Options:
  A) ₦310,000
  B) ₦200,000
  C) ₦210,000
  D) ₦100,000
  Show Answer
  The correct answer is D .
• Question 429:

  Given:

  Cash purchases ..............................₦25000
  Trading creditors............................₦45000
  Opening balance of trade creditors...........₦35000

  Calculate the purchases for the period?

  Options:
  A) ₦80,000
  B) ₦35,000
  C) ₦105,000
  D) ₦70,000
  Show Answer
  The correct answer is D .
• Question 430:

  Use the information below to answer the question.

  Subscription.....................₦5420
  Canopy rent......................₦400
  Wages............................₦1100
  Post-ages........................₦300
  Loss from bar....................₦160
  Purchases of new furniture.......₦120
  Premises.........................₦4000
  Furniture at the beginning.......₦1120

  What is the cash balance in the receipts and payments account?

  Options:
  A) ₦2 520
  B) ₦2600
  C) ₦3000
  D) ₦120
  E) No option
  Show Answer
  The correct answer is E .