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 631: The principle use of control accounts is to Options:
  A) localize error within the ledger
  B) prevent fraud
  C) increase sales
  D) record assets and liabilities
  Show Answer
  The correct answer is A .
• Question 632: Cash discount is often recorded on? Options:
  A) the debit side of the cash book
  B) the credit side of the cash book
  C) the folio column of the cash book
  D) both credit and debit side of the cash book
  Show Answer
  The correct answer is D .
• Question 633:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  Calculate the net profit on percentage of expenses.

  Options:
  A) 60%
  B) 25%
  C) 13%
  D) 65.7%
  Show Answer
  The correct answer is D .
• Question 634:

  The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

  Options:
  A) Amortization
  B) Revaluation
  C) Realization
  D) Dissolution
  Show Answer
  The correct answer is D .
• Question 635: The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on? Options:
  A) 1st September, 1960
  B) 1st October, 1960
  C) 1st October, 1963
  D) 1st September, 1965
  Show Answer
  The correct answer is D .
• Question 636:

  Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  Options:
  A) Kola 1/3, Sunday 1/3 and Kemi 1/3
  B) Kola 1/5, Sunday 1/5 and Kemi 3/5
  C) Kola 2/5, Sunday 1/5 and Kemi 2/5
  D) Kola 2/5, Sunday 2/5 and Kemi 1/5
  Show Answer
  The correct answer is D .
• Question 637: The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its? Options:
  A) earning per share
  B) redemption price per share
  C) book value per share
  D) call price per share
  Show Answer
  The correct answer is D .
• Question 638: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
  Show Answer
  The correct answer is C .
• Question 639:

  Total production cost- #360,000

  Factory overhead cost- #56,000

  Selling price per unit- # 120

  Production volume 4000 unitsDetermine the value of prime cost

  Options:
  A) #416,000
  B) #304,000
  C) #240,000
  D) #184,000
  Show Answer
  The correct answer is B .
• Question 640:

  Use the information below to answer questions

  Balance as per cash book................₦13560

  Unpresented cheques.....................₦5120

  Uncredited lodgements...................₦2300

  Dividend received not entered

  In the cash book........................₦2000

  Bank charges............................₦280

  Standing order payments.................₦600

  Balance as per bank statement............?

  Calculate the balance in the bank statement.

  Options:
  A) ₦14 680
  B) ₦15 560
  C) 17 500
  D) 16 380
  Show Answer
  The correct answer is C .