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 651: The stock valuation data is important because it enables management to? Options:
  A) separate debtors from creditors
  B) determine the cost of stock at the end of business
  C) determine the cost of stock at the beginning of business
  D) determine the total cost of goods purchased
  Show Answer
  The correct answer is B .
• Question 652: When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by? Options:
  A) debting manufacturing account and crediting trading acccount
  B) crditing sales account and debtiting trading account
  C) debiting sales account and crediting trading account
  D) crediting manufacturing account and debiting trading account
  Show Answer
  The correct answer is D .
• Question 653:

  

  The owner wishes to maintain an amount equal to $\frac{1}{3}$ of capital as drawings. The cash book closing balance will be

  Options:
  A) ₦900
  B) ₦2,400
  C) ₦4,200
  D) ₦4,600
  Show Answer
  The correct answer is B .
• Question 654:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .
• Question 655:

  A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

  Options:
  A) Debit rent account, Credit bank account
  B) Debit Rent account, Credit Samson's account
  C) Debit Bank account, Credit Rent account
  D) Debit Samson's account, Credit Rent account
  Show Answer
  The correct answer is B .
• Question 656:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .
• Question 657:

  The excess of income over expenditure is usually transferred to the

  Options:
  A) current assets in the balance sheet
  B) profit and loss account
  C) accumulated fund
  D) current liabilities in the balance sheet
  Show Answer
  The correct answer is C .
• Question 658: The equivalent of a club's receipts and payment account is the? Options:
  A) trading account
  B) revenue account
  C) cash account
  D) suspense account
  Show Answer
  The correct answer is C .
• Question 659:

  

  How much rent is apportioned to department K?

  Options:
  A) ₦1200
  B) ₦1800
  C) ₦2000
  D) ₦750
  Show Answer
  The correct answer is A .
• Question 660:

  Given:

  Additional capital Capital Closing capital Net profit

  ₦ 4000 8000 12000 1500

  The drawings for the period stand at

  Options:
  A) 1500
  B) 3000
  C) 12,000
  D) 10,500
  Show Answer
  The correct answer is A .