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 71:

  The principle of double entry developed from the axioms of accounting equation is given as

  Options:
  A) Liabilties + Equity = Net assets
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Assets
  D) Assets + Liability = Equity
  Show Answer
  The correct answer is C .
• Question 72:

  

  The value of the owner's equity is

  Options:
  A) ₦400,000
  B) ₦900,000
  C) ₦957,000
  D) ₦1,357,000
  Show Answer
  The correct answer is C .
• Question 73: The transactions relating to liquidation in partnership account is drawn by using? Options:
  A) current account
  B) cash account
  C) capital account
  D) realization account
  Show Answer
  The correct answer is C .
• Question 74:

  Given:

  Cash purchases ..............................₦25000
  Trading creditors............................₦45000
  Opening balance of trade creditors...........₦35000

  Calculate the purchases for the period?

  Options:
  A) ₦80,000
  B) ₦35,000
  C) ₦105,000
  D) ₦70,000
  Show Answer
  The correct answer is D .
• Question 75:

  For an incomplete record to provide necessary information, it must be converted to?

  Options:
  A) double entry
  B) single entry
  C) complete records
  D) statement of affairs
  Show Answer
  The correct answer is B .
• Question 76: When a purchase business is revalued, the effect is that? Options:
  A) a decrease in the value of asset has no effect on value of goodwill
  B) an increase in the value of asset is treated as an increase in the value of goodwill
  C) a decrease in the value of asset is treated as an decrease in the value of goodwil
  D) an increase in the value of asset is treated as an decrease in the value of goodwill
  Show Answer
  The correct answer is D .
• Question 77: The rules which govern the internal management of a firm and its financial affairs in a partnership business is a? Options:
  A) memorandum
  B) bye-law
  C) deed
  D) financial regulation
  Show Answer
  The correct answer is C .
• Question 78: Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days). Options:
  A) 28 days
  B) 42 days
  C) 27 days
  D) 23 days
  Show Answer
  The correct answer is A .
• Question 79: A business organization prepares departmental account in order to Options:
  A) asertian the contribution of each department to the organization
  B) ascertain interdepartmental transfer
  C) build other branches
  D) know the number of departments in the organization
  Show Answer
  The correct answer is A .
• Question 80: When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added Options:
  A) Unpresented cheque
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .