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 701: The issued share capital is the number of shares that are Options:
  A) authorized by share holders
  B) shared among the directors
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is A .
• Question 702: When stock is withdrawn for personal use, the accounting entries is to debit Options:
  A) stock account credit drawings
  B) drawing account, credit stock account
  C) personal account credit cash account
  D) cash account, credit personal account
  Show Answer
  The correct answer is B .
• Question 703: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 704:

  A credit balance on a receipt and payments account indicates that the non-profit making organization?

  Options:
  A) had more revenues than expenses during the period
  B) did not owe much liabilities during the period
  C) received more cash than it paid out during the period
  D) made more cash payments than it received during the period
  Show Answer
  The correct answer is C .
• Question 705:

  The prime cost is the total of the

  Options:
  A) direct materials+direct labour+direct wages
  B) production cost+selling expenses
  C) administrative expenses+selling expenses+distribution expenses
  D) direct materials+work overhead expenses
  Show Answer
  The correct answer is A .
• Question 706: The accounting entry to record the premium on goodwill is to debit? Options:
  A) cash and credit old partners' capital
  B) goddwill and credit revaluation
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is B .
• Question 707:

  A partnership deed is used to____________

  Options:
  A) Promote mutual understanding
  B) Enhance mistrust
  C) Encourage discrepancy
  D) Control funds
  Show Answer
  The correct answer is A .
• Question 708:

  Given:

  I. It records subscription in arrears
  II. Payments of liabilities is effected
  III. The account does not show if cash payment is revenue or capital expenditure
  IV. It performs the same function as cash book

  The features of receipts and payment account includes:

  Options:
  A) III and IV
  B) I, II and IV
  C) II, III and IV
  D) I, II and III
  Show Answer
  The correct answer is C .
• Question 709:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .
• Question 710: 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 .