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 601: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 602:

  (i) Facilitating the preparation of final accounts

  (ii) Making the existence of error easy to detect

  (iii)Checking the accuracy of positions periodically.From the above, which of the following are among the uses of control accounts?

  Options:
  A) i, ii and iii
  B) i and iii
  C) ii and iii
  D) i and ii
  Show Answer
  The correct answer is C .
• Question 603:

  Uju Nig. Ltd. Balance Sheet (Extract)
  	₦		₦
  Capital	200,000	Land and building	250,000
  Net profit	50,000	Stock	20,000
  5% debenture	100,000	Debtors	50,000
  Creditors	80,000	Bank	10,000
  	430,000		430,000

  Which of the following is true of Uju Nig.Ltd?

  Options:
  A) It is a highly geared company
  B) It has no liquidity problem in the short term
  C) It is adequately secured in fixed assets
  D) It's working capital is zero
  Show Answer
  The correct answer is D .
• Question 604: On dissolution, the final distribution of cash to partners is based on? Options:
  A) patnership agreement
  B) Articles os asssociation
  C) goodwill
  D) capital balances
  Show Answer
  The correct answer is D .
• Question 605:

  In departmental accounting, which is not a transfer pricing_________

  Options:
  A) cost based transfer price
  B) market based transfer pricing
  C) Dual pricing system
  D) peak pricing
  Show Answer
  The correct answer is D .
• Question 606: The LIFO method has an advantage over FIFO in that stocks are valued at Options:
  A) previous prices
  B) current prices
  C) average rates
  D) flat rates
  Show Answer
  The correct answer is B .
• Question 607:

  

  If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?

  Options:
  A) ₦13 000
  B) ₦11 300
  C) ₦10 000
  D) ₦8 000
  Show Answer
  The correct answer is D .
• Question 608:

  Use the information below to answer questions 23 and 24.

  ............................31/12/07.......31/12/08

  Stocks........................₦4 200.........₦3 900

  Rates in advance..............₦1 000.........₦1 500

  Accrued wages.................₦1 150.........₦1 350

  Cost of goods sold was valued at ₦6 000.

  Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.

  What is the value of purchases for the year 2008?

  Options:
  A) ₦6 000
  B) ₦9 900
  C) ₦14 100
  D) ₦5 700
  Show Answer
  The correct answer is D .
• Question 609:

  Use the information below to answer the question.

  Beginning inventory............N?
  Purchases......................N?
  Ending inventory...............₦4,800
  Sales..........................₦12,800
  Wages..........................₦1,040
  Gross profit...................₦5,900

  The beginning inventory was estimated at 80% of sales.

  Determine the amount for the beginning inventory.

  Options:
  A) ₦20,140
  B) ₦10,240
  C) ₦8,140
  D) ₦7,240
  Show Answer
  The correct answer is B .
• Question 610:

  Given:

  Fixed assets Liabilities Current assets

  ₦ 55,000 20,000 13,000

  What is the capital?

  Options:
  A) ₦88,000
  B) ₦48,000
  C) ₦62,000
  D) ₦55,000
  Show Answer
  The correct answer is B .