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 431: An advantage of using accounting ratios is that Options:
  A) can be easily calculated
  B) show errors and frauds
  C) facilitate decision making
  D) are stipulated by law
  Show Answer
  The correct answer is C .
• Question 432: When the fixed capital method is used, the partners' share of profits and remunerations are credited to the Options:
  A) current account
  B) profit and loss account
  C) profit and loss appropriation account
  D) capital account
  Show Answer
  The correct answer is D .
• Question 433:

  A major cause of discrepancy between the bank statement and the cashbook that overstates the bank statement balance is the

  Options:
  A) commission paid
  B) interest received
  C) direct withdrawal
  D) direct payment
  Show Answer
  The correct answer is D .
• Question 434: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .
• Question 435:

  Given:Opening capital - #50,000

  Closing capital - #64,000

  Drawings - #16,000Determine the net profit

  Options:
  A) #2,000
  B) #14,000
  C) #20,000
  D) #30,000
  Show Answer
  The correct answer is D .
• Question 436: Interest on a partner's drawings is debited to the Options:
  A) Partners current account and credited to the profit and loss appropriation account
  B) profit and loss appropriation account and credited to the partner's current account
  C) profit and loss account and credited to the partner's current account
  D) Partner's current account and credited to the profit and loss account
  Show Answer
  The correct answer is A .
• Question 437:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

  Options:
  A) #285,000
  B) #300,000
  C) #570,000
  D) #600,000
  Show Answer
  The correct answer is B .
• Question 438:

  Given:

  Balance at 31st December ............N14,744m
  Treasury Bills issued Jan-Dec........N7124m
  Revenue for the year ................N6387m
  Expenditure .........................N8767m

  What is the opening balance on the consolidated revenue fund account?

  Options:
  A) ₦10,000m
  B) ₦12,000m
  C) ₦90,000m
  D) ₦11,000m
  Show Answer
  The correct answer is A .
• Question 439: A business organization prepares departmental account in order to Options:
  A) asertian the contribution of each department to the organization
  B) ascertain interdepartmental transfer
  C) build other branches
  D) know the number of departments in the organization
  Show Answer
  The correct answer is A .
• Question 440:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .