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 671: Cost accounting entails the provision of information? Options:
  A) for investment purposes
  B) for descision making
  C) to shareholders
  D) to stockholders
  Show Answer
  The correct answer is B .
• Question 672: Goodwill can be valued in partnership when? Options:
  A) a partners make profits
  B) large losses are made
  C) a partner retires
  D) a new branch is opened
  Show Answer
  The correct answer is D .
• Question 673:

  In manufacturing, depreciation of office machine is charged to

  Options:
  A) trading account
  B) balance sheet
  C) appropriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 674:

  Goods can be charged to branches using any of these pricing methods except

  Options:
  A) cost price
  B) cost plus percentage
  C) selling price
  D) selling plus percentage
  Show Answer
  The correct answer is D .
• Question 675: The measure of a company's ability to pays its debts quickly is called Options:
  A) Current ratio
  B) turnover ratio
  C) acid test ratio
  D) return of investment
  Show Answer
  The correct answer is C .
• Question 676: The document setting out the regulations regarding shares, meetings and internal organization of a company is known as Options:
  A) memorandum of association
  B) article of association
  C) prospectus
  D) company law
  Show Answer
  The correct answer is B .
• Question 677:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .
• Question 678:

  Date	Stock	Qty. (units)	Cost/Price (₦)
  July	Bal. b/d	2 000	2.00
  August	Purchases	10 000	2.50
  September	Purchases	20 000	3.00
  October	Sales	8 000	3.50
  November	Sales	23 000	4.00

  Determine the value of closing stock using the LIFO method

  Options:
  A) ₦2 000
  B) ₦2500
  C) ₦4000
  D) ₦35000
  Show Answer
  The correct answer is A .
• Question 679: If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at? Options:
  A) selling price
  B) Akure price
  C) company price
  D) Lagos price
  Show Answer
  The correct answer is C .
• Question 680:

  Use the information below to answer the question:

  Total sales of ticket	₦300 000
  Amount received from the sales	₦260 000
  Cash purchase of club house	₦100 000
  Credit purchase of equipment	₦60 000
  Electricity bill paid	₦5 000
  Salaries owed	₦2 000

  What is the receipts and payment account balance?

  Options:
  A) ₦260 000
  B) ₦233 000
  C) ₦155 000
  D) ₦100 000
  Show Answer
  The correct answer is C .