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 771: The basic role of accounting is to? Options:
  A) detect fraud
  B) attest to finacial statements
  C) measure performance
  D) protect sharehlders
  Show Answer
  The correct answer is B .
• Question 772:

  Tanko Ltd had

  Earnings per share 47k

  Dividends per share 30k

  Per value of each share N1.20

  market price per share NM1.50

   

  The company's earnings yield is?

  Options:
  A) N20.00%
  B) N25.00%
  C) N31.33%
  D) N39.17%
  Show Answer
  The correct answer is C .
• Question 773: The contribution marginal on a job is the? Options:
  A) gross profit
  B) net profit
  C) excess of sales revnue over variable costs
  D) difference between fixed and variable costs
  Show Answer
  The correct answer is C .
• Question 774: Stock valuation is useful because it forms the sales department on the? Options:
  A) price of the competing goods
  B) prices that will affect profitability
  C) number of goods to produce
  D) number of goods to sell
  Show Answer
  The correct answer is B .
• Question 775: The objective of departmental account is to Options:
  A) ascertain the cost of running the organization
  B) ascertain the amount of profit or loss for each department
  C) ascertain the amount of profits for losses for the enterprises
  D) offset the loss of each treatment
  Show Answer
  The correct answer is B .
• Question 776: Which of the following expenses relates to the profit and loss account of a manufacturing firm Options:
  A) Direct materials
  B) Direct labour
  C) Administrative overhead
  D) Work-in-progress
  Show Answer
  The correct answer is C .
• Question 777: The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on? Options:
  A) 1st September, 1960
  B) 1st October, 1960
  C) 1st October, 1963
  D) 1st September, 1965
  Show Answer
  The correct answer is D .
• Question 778: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 779: Which of the following statement is correct about the head office current account and the branch current account? Options:
  A) Both always have debit balances
  B) both always have credit balances
  C) the head office current account has a credit balance while the branch current account has a debit balance
  D) the head office current account has a debit balance while the branch current account has a credit balance
  Show Answer
  The correct answer is D .
• Question 780: If goods are invoiced to the branch at cost and the invoice par value is ₦2 000 with 5%discount rate, can remitted to the head office is Options:
  A) ₦2 100
  B) ₦200
  C) ₦1 900
  D) ₦100
  Show Answer
  The correct answer is C .