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 581: The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the? Options:
  A) smart card
  B) communication network
  C) magnetic strip
  D) computerized account
  Show Answer
  The correct answer is A .
• Question 582:

  In the absence of partnership agreement, a loan by a partner attracts interest at

  Options:
  A) 20%
  B) 5%
  C) 10%
  D) 15%
  Show Answer
  The correct answer is B .
• Question 583:

  Given:

  Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;

  On application 46k

  On allotment 20k

  1st Call 15k

  2nd Call 19kHow much is to be paid for application?

  Options:
  A) #230,000
  B) #280,000
  C) #500,000
  D) #550,000
  Show Answer
  The correct answer is A .
• Question 584: The major distinguishing element between the final account of a partnership and that of a sole trader is the Options:
  A) drawing A/C
  B) capital A/C
  C) Creditor A/C
  D) Appropriation A/C
  Show Answer
  The correct answer is D .
• Question 585:

  (i) Fixtures account
  (ii) Machinery account
  (iii) Wages accounts
  (iv) Rent account

  Which of the above are nominal account?

  Options:
  A) iii and iv
  B) i and ii
  C) i and iii
  D) ii and iii
  Show Answer
  The correct answer is A .
• Question 586: When is a petty cash account debited? Options:
  A) When the fund is established and every time money is spent
  B) When the fund is established and every time it is replenished
  C) When the fund is established and when the size of the float is decreased
  D) Every time money is drawn from the petty cash
  Show Answer
  The correct answer is B .
• Question 587: Share premium is an example of? Options:
  A) revenue reserve
  B) capital reserve
  C) general reserve
  D) loan capital
  Show Answer
  The correct answer is B .
• Question 588: On the dissolution of a partnership business,the net book value of the assets is transferred to? Options:
  A) debit of realization account
  B) credit of realization account
  C) credit of bank account
  D) debit of bank account
  Show Answer
  The correct answer is B .
• Question 589:

  The accounting method that reports incomes when earned and expenses when incurred is called

  Options:
  A) accrual accounting
  B) cash accounting
  C) fund accounting
  D) commitment accounting
  Show Answer
  The correct answer is A .
• Question 590:

  The following information is provided for Amusa company limited, a manufacturer

  Prime cost ₦999,000
  Manufacturing overhead ₦132,000
  Closing work in progress ₦75,000
  Values of finished goods transferred to the trading account ₦1,116,000

  If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period?

  Options:
  A) ₦85,000
  B) ₦80,000
  C) ₦70,000
  D) ₦65,000
  Show Answer
  The correct answer is D .