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 511: To compute gearing ratio, divide? Options:
  A) profit by capital employed
  B) current assets by current liability
  C) profit by total assets
  D) long-term debts by equity capital
  Show Answer
  The correct answer is D .
• Question 512:

  The major source of document which enables employer to calculate  the employee wages  is the?

  Options:
  A) norminal roll of employees
  B) records of number of hours worked
  C) effort of the employee
  D) Record of independence per employee
  Show Answer
  The correct answer is B .
• Question 513:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 514:

  

  The owner wishes to maintain an amount equal to $\frac{1}{3}$ of capital as drawings. The amount withdrawn is

  Options:
  A) ₦2,100
  B) ₦2,200
  C) ₦4,400
  D) ₦6,400
  Show Answer
  The correct answer is B .
• Question 515: The receipt whose name appears on a cheque is called a? Options:
  A) payer
  B) drawer
  C) drawee
  D) payee
  Show Answer
  The correct answer is D .
• Question 516: Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its branchWhat is the cost price of the goods sent to the branch Options:
  A) ₦600,000
  B) ₦620,000
  C) ₦640,000
  D) ₦700,000
  Show Answer
  The correct answer is B .
• Question 517:

  Give:

  1. Ascertainment of the particulars of the proposed company

  II. Preparation of the incorporation documents

  III. Filling of the documents

  IV. Registration of the company

  From the information above, the stages involved in the formation of a company are

  Options:
  A) I, II and III
  B) I, II, III and IV
  C) I,IIand IV
  D) II, III and IV
  Show Answer
  The correct answer is D .
• Question 518: The major point of agreement carried by the partnership deed is? Options:
  A) 5% interest annum on any loan
  B) an oral agreement among the partners
  C) method of inhertance by the partners' children
  D) the profit and loss sharing ratio of the partners
  Show Answer
  The correct answer is D .
• Question 519: Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the? Options:
  A) cash receipts journal
  B) sales journal
  C) general journal
  D) cash disbursement journal.
  Show Answer
  The correct answer is D .
• Question 520:

  Which of the following concepts recognizes the principle of double entry?

  Options:
  A) business entity
  B) accrual
  C) going concern
  D) dual aspect
  Show Answer
  The correct answer is D .