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 611:

  

  Determine the owners equity

  Options:
  A) ₦200,000
  B) ₦215,000
  C) ₦275,000
  D) ₦755,000
  Show Answer
  The correct answer is C .
• Question 612: When goods produced are transferrd at cost plus mark-up sale, the difference between the cost and the transferred price is a Options:
  A) discount
  B) sales commission
  C) manufacturing profit
  D) factory reserves
  Show Answer
  The correct answer is C .
• Question 613: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .
• Question 614:

  The principle of double entry developed from the axioms of accounting equation is given as

  Options:
  A) Liabilties + Equity = Net assets
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Assets
  D) Assets + Liability = Equity
  Show Answer
  The correct answer is C .
• Question 615: The objective of departmental account is to Options:
  A) ascertain the amount of profits or losses for the enterprise
  B) ascertain the amount of profits or losses for each department
  C) ascertain the cost of running the organization
  D) offset the loss of each department
  Show Answer
  The correct answer is B .
• Question 616:

  Share premium can be used to?

  I. write off discount on shares
  II. give loans to directors
  III. pay dividends
  IV. pay company's formation expenses.

  Options:
  A) i and iv only
  B) i and iii only
  C) ii and iii only
  D) iii and iv only
  Show Answer
  The correct answer is B .
• Question 617: A debit in the suspense accounting will appear in the balance sheet as? Options:
  A) a current asset
  B) a current lability
  C) capital
  D) drawings
  Show Answer
  The correct answer is A .
• Question 618:

  The major source of document which enables employer to calculate  the employee wages  is the?

  Options:
  A) norminal roll of employees
  B) records of number of hours worked
  C) effort of the employee
  D) Record of independence per employee
  Show Answer
  The correct answer is B .
• Question 619: The book of account in which information from the source documents are recorded consists of Options:
  A) debit and credit notes
  B) ledger and subsidiary books
  C) prepayments and accruals
  D) profit and loss and balance sheet
  Show Answer
  The correct answer is B .
• Question 620:

  Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

  Options:
  A) 20,580
  B) 10,290
  C) 7980
  D) 30,870
  Show Answer
  The correct answer is B .