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:

  Use the information below to answer the question

  Prime cost..................₦12 100
  Lighting....................₦10 000
  Heating.....................₦15 000
  Factory overhead............?

  The production department's share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

  Interest on the drawings of partners is treated in the

  Options:
  A) profit and loss appropriation account
  B) goodwill account
  C) profit and loss account
  D) trading account
  Show Answer
  The correct answer is A .
• Question 512: The main objective of bookkeeping is to record economic? Options:
  A) transactions systematically for routine managerial decision-making
  B) events clearly to ensure adequate checks and balances
  C) events clearly to facilitate strategic managerial desicion-making
  D) transaction systematically to ascertain the financial position of a business
  Show Answer
  The correct answer is D .
• Question 513: The term 'posting' in Accounting refers to Options:
  A) recording entries in the journal
  B) transferring the balance in the ledger to the trial balance
  C) tracing amounts from the journal to the ledger to find errors
  D) transferring entries to the ledger from the journal
  Show Answer
  The correct answer is D .
• Question 514: The trading account is to a sole trader what income and expenditure account is to a? Options:
  A) partnership
  B) public limited organization
  C) manufacturing organization
  D) non-profit making organization
  Show Answer
  The correct answer is D .
• Question 515:

  The purchases ledger control account showed a credit balance of ₦525 000 on April 30, 2006.

  This amount shows?

  Options:
  A) what the debtor of a business enterprise owed the business
  B) the total amount which each debtor owed the business
  C) what a business enterprise owed its creditors
  D) the amount whicih a business enterprise owed creditor
  Show Answer
  The correct answer is C .
• Question 516:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 517: Capital for a profit making organization is generated through Options:
  A) Subscription
  B) shares
  C) donation
  D) gift
  Show Answer
  The correct answer is B .
• Question 518:

  A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

  What is N's share of the expense?

  Options:
  A) ₦10 000
  B) ₦15 000
  C) ₦18 000
  D) ₦20 000
  Show Answer
  The correct answer is B .
• Question 519:

  The accumulated fund of a non-trading concern can equally be referred to as?

  Options:
  A) members equity
  B) share capital
  C) general fund
  D) surplus fund
  Show Answer
  The correct answer is C .
• Question 520:

  Majority of commercial transactions are termed credit transactions, which means

  Options:
  A) The buyers pay immediately for goods bought
  B) Settlement is deferred to a future date
  C) No account will be opened
  D) Item of expenditure increases
  Show Answer
  The correct answer is B .