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 531:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 532:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

  Options:
  A) ₦7,000
  B) ₦11,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 533: 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 534: Prime cost is one of the following Options:
  A) expenses which can be identified with an allocated to cost centers
  B) aggregate direct material cost, direct labour cost and variable direct expenses
  C) the cost taken into account in the production process whether direct or indirect
  D) the cost of commodities supply to an undertaking
  Show Answer
  The correct answer is B .
• Question 535: Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts? Options:
  A) ₦1,680 Dr
  B) ₦1,080 Cr
  C) ₦600 Dr
  D) ₦480 Cr
  Show Answer
  The correct answer is D .
• Question 536: How are credit sales by a department treated? Options:
  A) the same way as normal debtors' transactions
  B) in a different way from normal debtors' transactions
  C) as an addition to the production manager's account
  D) as an addition to the production managers' account
  Show Answer
  The correct answer is A .
• Question 537: The capital of a sole trader can be increased by Options:
  A) debiting the capital account
  B) crediting the capital account
  C) debiting the cash account
  D) crediting the cash account
  Show Answer
  The correct answer is C .
• Question 538: Which of the following is a credit item in creditors ledger control account? Options:
  A) Purchases returns
  B) Bills payable
  C) Purchases
  D) Cash receipts
  Show Answer
  The correct answer is C .
• Question 539:

  A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

  The balance of the payments account is?

  Options:
  A) ₦24,000
  B) ₦22,000
  C) ₦34,000
  D) ₦38,000
  Show Answer
  The correct answer is C .
• Question 540:

  

  Use the information below to answer the question

  The quick ratio is

  Options:
  A) 0.82:1
  B) 0.91:1
  C) 0.95:1
  D) 1.53:1
  Show Answer
  The correct answer is D .