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 661: The subscription paid in advance is treated in the balance sheet of a club as? Options:
  A) a surplus
  B) a liability
  C) a deflicit
  D) an asset
  Show Answer
  The correct answer is B .
• Question 662:

  In a control account, provision for bad debts is found on the

  Options:
  A) credit side of the sales ledger control account
  B) debit side of the purchases ledger control açcount
  C) debit side of the sales ledger control account
  D) credit side of the purchases ledger control account
  Show Answer
  The correct answer is A .
• Question 663:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 664: Transfers from the head office to branches are best carried out at? Options:
  A) cost price
  B) selling price
  C) cost plus mark-up
  D) market price
  Show Answer
  The correct answer is C .
• Question 665: When the invoice of a customer is overcast, the supplier will send to him a Options:
  A) debit note
  B) cheque
  C) credit note
  D) payment voucher
  Show Answer
  The correct answer is C .
• Question 666:

  Under which of the following conditions is a partnership dissolved?

  Options:
  A) change of the partnership's head office
  B) purchase of a large quantity of fixed assets
  C) admission of a new partner
  D) retirement of a manager who is not a partner
  Show Answer
  The correct answer is C .
• Question 667: X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of ₦150,000 is incurred jointly, what will be the portion attributable to X? Options:
  A) ₦37,500
  B) ₦62,500
  C) ₦87,500
  D) ₦100,000
  Show Answer
  The correct answer is B .
• Question 668:

  Changes can occur in partnership when:

  I. partnership is dissolved

  Ii. There is amalgamation of partnership

  Iii.There is a change in the profit or loss sharing ratio

  Iv. Intangible asset increase

  Options:
  A) I,II and IV
  B) I & III
  C) I,II and III
  D) I, III and IV
  Show Answer
  The correct answer is C .
• Question 669:

  Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k

  (ii) Dividend per share 30k

  (iii) Par value of each share ₦1.20

  (iv) Market price per share ₦1.50The company's earning yield is?

  Options:
  A) 20.00%
  B) 25.00%
  C) 31.33%
  D) 39.17%
  Show Answer
  The correct answer is C .
• Question 670: A company has 5% debentures worth ₦500 000 ordinary share capital ₦2 000 000, and preference shares ₦1500 000. if the company made a profit of ₦1 000 000, the debenture interest would amount to Options:
  A) ₦1 000 000
  B) ₦500 000
  C) ₦50 000
  D) ₦25 000
  Show Answer
  The correct answer is D .