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 591: Which of the following events increases a corporation's shareholders equity? Options:
  A) Donation of shares out of the corporation's own stock to the corporation
  B) The corporation's purchase of treasury stock
  C) Shares of previously subscribed stock issue to subscribing stockholders
  D) A municipality donation of land to the corporation
  Show Answer
  The correct answer is A .
• Question 592: The accounting principle that is applied to check arbitrary actions on the part of accountants is? Options:
  A) consistency
  B) materiality
  C) objectivity
  D) realization
  Show Answer
  The correct answer is A .
• Question 593: The debenture issued at par above the nominal value is said to be issued at a Options:
  A) cost price
  B) mark-up
  C) premium
  D) margin
  Show Answer
  The correct answer is C .
• Question 594:

  A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

  Options:
  A) ₦20,000
  B) ₦6,000
  C) ₦6,174
  D) ₦10,000
  Show Answer
  The correct answer is C .
• Question 595:

  Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.

  This concept is called?

  Options:
  A) entity
  B) materiality
  C) realization
  D) accrual
  Show Answer
  The correct answer is B .
• Question 596: Where the debit side of the income and expenditure account is higher than the credit side, the difference is a? Options:
  A) deflicit
  B) surplus
  C) gain
  D) loss
  Show Answer
  The correct answer is A .
• Question 597: The second and final call account was debited with? Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital ₦375,000
  C) bank account ₦187,500
  D) 12% preference share capital account ₦187,500
  Show Answer
  The correct answer is D .
• Question 598:

  N	N
  Capital                                         39,000	Land  20,000
  Long Term Loan      15, 000	Building 30,000
  Creditors                                       9,000	Stock  40,000
  	Debtors  6,000
  Accrued wages                             5,000	Cash  8, 000
  68,000	68,000

  Use the information above to answer the question:

  The acid test ratio in the company is ___________

  Options:
  A) 1:1
  B) 2:3
  C) 1:2
  D) 3:2
  Show Answer
  The correct answer is A .
• Question 599: What is the balance of cash with the petty cashier at the end of period 1? Options:
  A) 220
  B) 780
  C) 980
  D) 1780
  Show Answer
  The correct answer is A .
• Question 600:

  Which of these is not a subsidiary books?

  Options:
  A) sales day book
  B) purchase day book
  C) credit note
  D) return inward day book
  Show Answer
  The correct answer is C .