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 41: The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is Options:
  A) periodicity
  B) business entity
  C) dual aspect
  D) going concern
  Show Answer
  The correct answer is D .
• Question 42: The capital contribution by the partners is treated in the? Options:
  A) current account
  B) capital account
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .
• Question 43:

  In departmental accounting, which is not a transfer pricing_________

  Options:
  A) cost based transfer price
  B) market based transfer pricing
  C) Dual pricing system
  D) peak pricing
  Show Answer
  The correct answer is D .
• Question 44:

  

  What is the capital at start?

  Options:
  A) ₦53 000
  B) ₦63 000
  C) ₦73 000
  D) ₦83 000
  Show Answer
  The correct answer is D .
• Question 45:

  Appropriation Account
  TAYO TOPE
  ₦ ₦
  interest on capital 750 550
  Salaries 800 600
  Share of profit 3,300 3,300
  Determine the net profits of the partnership

  Options:
  A) ₦6,600
  B) ₦9,300
  C) ₦4,450
  D) ₦4,850
  Show Answer
  The correct answer is B .
• Question 46:

  Three Column Cash Book (Extract)

  Date	Particulars	Cash (₦)	Bank (₦)	Particulars	Date	Cash (₦)	Bank (₦)
  1.	Bal b/d	3000	4000	Electricity	5	200	300
  2.	Cash Sales	1000		Purchases	6	3000
  3.	Fatima	2000		Ahmad	7		500
  4.	Baffa	200	300	Khadiga	8	200

  Calculate the cash balance after the discount.

  Options:
  A) ₦2760
  B) ₦4 300
  C) ₦6 200
  D) ₦2.400
  Show Answer
  The correct answer is A .
• Question 47:

  

  It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

  What is the amount to be written off as other expenses?

  Options:
  A) ₦4500
  B) ₦6000
  C) ₦4000
  D) ₦5000
  Show Answer
  The correct answer is D .
• Question 48:

  The effect of transaction when cash is paid into the bank is?

  Options:
  A) bank balance decrease and cash balance increase
  B) cash balance decrease and bank balance increase
  C) bank balance decrease and cash balance decrease
  D) cash balance increase and bank balance increase
  Show Answer
  The correct answer is B .
• Question 49: When a new partner is admitted to a partnership, there is a need to revalue the? Options:
  A) capital of the business
  B) capital and liabilities of the business
  C) assets and capital of the business
  D) assets and liabilities of the business
  Show Answer
  The correct answer is D .
• Question 50: In a manufacturing company, the total cost of goods produced is equivalent to? Options:
  A) purchases
  B) sales
  C) cost of goods sold
  D) cost of materials used
  Show Answer
  The correct answer is A .