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 541: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 542: Goods withdraw from business for private use are credited to? Options:
  A) drawings
  B) purchases
  C) sales
  D) capital
  Show Answer
  The correct answer is B .
• Question 543: To write off bad debt, debt? Options:
  A) debtor's account and credit provision for bad debt
  B) bad debt account and credit debtor's account
  C) debtor's account credit bad debt
  D) provision for bad debt account and credit debtor's account
  Show Answer
  The correct answer is B .
• Question 544: The effect of the payment of liability is that it Options:
  A) increase both assets and liabilities
  B) increase assets and decrease liabilities
  C) decrease assets and increase liabilities
  D) decrease both assets and liabilities
  Show Answer
  The correct answer is D .
• Question 545:

  When goods are received from head office, head office will be credited while

  Options:
  A) sales will be debited
  B) requisition will be debited
  C) issue will be debited
  D) purchases will be debited
  Show Answer
  The correct answer is D .
• Question 546: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 547: Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches? Options:
  A) cost price
  B) fixed percentage on cost
  C) selling price
  D) invoice price
  Show Answer
  The correct answer is A .
• Question 548: Lubricating oil and spare parts of machinery are examples of? Options:
  A) direct materials
  B) indirect materials
  C) indirect expenses
  D) direct expenses
  Show Answer
  The correct answer is C .
• Question 549:

  Given:

  Stock (1/4/94) N800
  Purchases of flour N2450
  Sales N4745
  Wages of bakery staff N675
  Carriage outwards N50
  Salary of administrative staff N225
  Stock (31/3/95) N940
  Capital N1540

  Determine the cost of goods sold?

  Options:
  A) ₦2575
  B) ₦2985
  C) ₦3250
  D) ₦3925
  Show Answer
  The correct answer is B .
• Question 550: 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 .