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 871:

  Use the information below to answer question.

  Given:

  Fixed assets: ₦85,600
  Sales: ₦197,000
  Stock: ₦34,300
  Salaries: ₦37,000
  Purchases: ₦127,700
  Share capital: ₦120,000
  Creditors: ₦16,050
  Motor expenses: ₦10,500
  Debtors: ₦25,000

  What is the cash balance?

  Options:
  A) ₦12,095
  B) ₦12,590
  C) ₦12,905
  D) ₦12,950
  Show Answer
  The correct answer is D .
• Question 872:

  The main difference between the ordinary and preference shareholders is that?

  Options:
  A) the former have voting rights while the latter do not
  B) in the case of winding up, the former are paid first before the latter
  C) the latter are not members of the company while the former are
  D) the former receives dividends while the latter do not
  Show Answer
  The correct answer is A .
• Question 873: If sales return is understated, it implies that ------------------------------ is overstated Options:
  A) return inward
  B) sales figure
  C) cost of sales
  D) return outward
  Show Answer
  The correct answer is B .
• Question 874: When shares are sold at more than the per value, they are said to have been issued at Options:
  A) A premium
  B) Normal value
  C) A discount
  D) A profit
  Show Answer
  The correct answer is A .
• Question 875:

  The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

  Options:
  A) Bonus
  B) Good will
  C) Premium
  D) Commission
  Show Answer
  The correct answer is B .
• Question 876: The financial position of an organization at a particular time can be ascertained from the Options:
  A) statement of sources and application of funds
  B) statement of retained earnings
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is C .
• Question 877: 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) partners' drawings
  D) interest on loans
  Show Answer
  The correct answer is D .
• Question 878: In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover? Options:
  A) carriage outwards
  B) carriage inwards
  C) discounts received
  D) returns outwards
  Show Answer
  The correct answer is A .
• Question 879: The course of discrepancies between the bank statement and the cash book that overstates the cash book is the? Options:
  A) dividend received
  B) uncredited expenses
  C) uncredited cheques
  D) interest on lodgement
  Show Answer
  The correct answer is C .
• Question 880: The financial plan of the government for a year is contained in the? Options:
  A) budget
  B) cash analysis book
  C) vote book
  D) gazette
  Show Answer
  The correct answer is A .