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: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .
• Question 72: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .
• Question 73: Which of these accounts is dissolution expenses credited? Options:
  A) partners capital account
  B) revaluation account
  C) partners current account
  D) Realization account
  Show Answer
  The correct answer is D .
• Question 74: In a bank reconciliation statement, interest charged for overdrawn balances should be added to the? Options:
  A) balance as per bank statement
  B) bank balance as per adjusted cash book
  C) aggregate balance as per cash book
  D) bank balance as per cash book
  Show Answer
  The correct answer is A .
• Question 75:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 76: Which of the following is an intangible asset and a measure of a firm's superior earning power? Options:
  A) Patent
  B) Goodwill
  C) Trademark
  D) Right issue
  Show Answer
  The correct answer is B .
• Question 77:

  Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

  Options:
  A) Partners salaries
  B) Interest on capital
  C) Interest on loans
  D) Partners drawings
  Show Answer
  The correct answer is C .
• Question 78: 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 79: 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 80:

  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 .