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 441: The starting point for the production of accounts from incomplete records is to Options:
  A) ascertain the total sales
  B) compute the opening stock of goods sold
  C) verify the total purchase
  D) prepare an opening statement of affairs
  Show Answer
  The correct answer is D .
• Question 442: 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 443:

  	#
  Stock Jan1	2600
  Purchases	4000
  Carriage inwards	500
  Sales	9000
  Carriage outwards	500

  Determine the net profit

  Options:
  A) #4,000
  B) #4,500
  C) #5,000
  D) #1,400
  Show Answer
  The correct answer is D .
• Question 444:

  

  The trial balance showed wages, ₦2 500 and a note stated that ₦500 wages, were due but unpaid when preparing final accounts and loss account with

  Options:
  A) ₦3000 and show wages accrued ₦500 in the balance sheet in the balance sheet
  B) ₦2 000 and show wages accured ₦500 in the balance sheet
  C) ₦3000 and show wages prepaid ₦500 in the balance sheet
  D) ₦2000 and show wages paid in advance ₦500 in the balance sheet
  Show Answer
  The correct answer is A .
• Question 445:

  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 446: Recurrent expenditure are expenses for the period not exceeding? Options:
  A) 10 years
  B) 5 years
  C) 2 years
  D) 1 year
  Show Answer
  The correct answer is D .
• Question 447:

  Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

  Options:
  A) realisation concept
  B) entity concept
  C) going concern concept
  D) matching concept
  Show Answer
  The correct answer is B .
• Question 448:

  Given:

  I. Settlement of debts

  II. Cessation of business

  III. Introduction of assets

  IV. Disposal of assets

  Which of these constitutes dissolution of partnership?

  Options:
  A) II and IV only
  B) I,II and IV only
  C) I,II and III only
  D) II,III and IV only
  Show Answer
  The correct answer is B .
• Question 449: Use the following information to answer this question.

  Club building 400,000

  Subscription prepaid 3,000

  Sport kits 150,000

  Bar creditors 85,000

  Subscription owing 32,000

  What is the club’s total liabilities

  Options:
  A) ₦11, 700
  B) ₦26, 700
  C) ₦88, 000
  D) ₦85, 000
  Show Answer
  The correct answer is C .
• Question 450:

  The fixed amount of money given to a petty cashier at the beginning of a period is called?

  Options:
  A) Imprest
  B) float
  C) cash advance
  D) cash
  Show Answer
  The correct answer is A .