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 741: Which of the foloowing is a credit item in creditors ledger control account? Options:
  A) Returns outwards
  B) Discount Received
  C) Bad debts
  D) Purchases
  Show Answer
  The correct answer is D .
• Question 742:

  Majority of commercial transactions are termed credit transactions, which means

  Options:
  A) The buyers pay immediately for goods bought
  B) Settlement is deferred to a future date
  C) No account will be opened
  D) Item of expenditure increases
  Show Answer
  The correct answer is B .
• Question 743: Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? Options:
  A) a book value of ₦14 per share
  B) a book value of ₦20 per share
  C) a deficit of ₦420,000
  D) retained earnings of ₦600,000
  Show Answer
  The correct answer is B .
• Question 744: Cash can be drawn from the bank using Options:
  A) a bank teller
  B) a credit card
  C) a recharge card
  D) ATM card
  Show Answer
  The correct answer is D .
• Question 745: The main objective of bookkeeping is to record economic? Options:
  A) transactions systematically for routine managerial decision-making
  B) events clearly to ensure adequate checks and balances
  C) events clearly to facilitate strategic managerial desicion-making
  D) transaction systematically to ascertain the financial position of a business
  Show Answer
  The correct answer is D .
• Question 746:

  A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

  Options:
  A) ₦38 000
  B) ₦40 000
  C) ₦28 000
  D) ₦10 000
  Show Answer
  The correct answer is C .
• Question 747:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.

  Determine the closing stock

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 748:

  Why should a new partner contribute towards goodwill on his admission?

  Options:
  A) It is a norm
  B) to ensure new partner also have a stake in the business
  C) the firm into which he is entering already has some goodwill in the market
  D) to purchase the business
  Show Answer
  The correct answer is C .
• Question 749: Discount allowed as represented in the control account appears on the? Options:
  A) credit side of the purchases control account
  B) debit side of the purchases control account
  C) credit side of the sales control account
  D) debit side of the sales control account
  Show Answer
  The correct answer is C .
• Question 750:

  Use the information below to answer questions 23 and 24.

  ............................31/12/07.......31/12/08

  Stocks........................₦4 200.........₦3 900

  Rates in advance..............₦1 000.........₦1 500

  Accrued wages.................₦1 150.........₦1 350

  Cost of goods sold was valued at ₦6 000.

  Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.

  What is the value of purchases for the year 2008?

  Options:
  A) ₦6 000
  B) ₦9 900
  C) ₦14 100
  D) ₦5 700
  Show Answer
  The correct answer is D .