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 81: A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of Options:
  A) imprest system only
  B) direct purchase by branch
  C) separate accountant for the branch
  D) credit sales by only the headquarters
  Show Answer
  The correct answer is D .
• Question 82: On dissolution, the final distribution of cash to partners is based on? Options:
  A) patnership agreement
  B) Articles os asssociation
  C) goodwill
  D) capital balances
  Show Answer
  The correct answer is D .
• Question 83: Cost reports for the intention of management should reflect? Options:
  A) as much details as possible
  B) summary figures only
  C) details of non-controllable expenses
  D) cost and comparable data useful in decision-making
  Show Answer
  The correct answer is D .
• Question 84: Commission-on-turnover is charged on? Options:
  A) current accounts only
  B) savings accounts only
  C) fixed deposit accounts only
  D) all bank accounts
  Show Answer
  The correct answer is A .
• Question 85:

  The excess of income over expenditure is usually transferred to the

  Options:
  A) current assets in the balance sheet
  B) profit and loss account
  C) accumulated fund
  D) current liabilities in the balance sheet
  Show Answer
  The correct answer is C .
• Question 86: A financial analyst needs accounting information to Options:
  A) maintain the production section of the business
  B) know why transactions cause increase and decreases in assets
  C) advise on how to manage the business
  D) know how to record transaction in T account
  Show Answer
  The correct answer is C .
• Question 87: 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 88: The balancing figure in the purchases ledger control account is? Options:
  A) ₦15,828
  B) ₦15,720
  C) ₦14,940
  D) ₦14,694
  Show Answer
  The correct answer is D .
• Question 89:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  The depreciation to be charged to department B is

  Options:
  A) ₦500
  B) ₦300
  C) ₦400
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 90: Depreciation on a particular piece of machinery was ₦2,700 during the fifth year of its service life and ₦4,050 during the sixth year. The logical explanation for this is that? Options:
  A) an addition was made to the asset during the sixth year
  B) the estimate of salvage value on this equipment was decreased
  C) a unit-of-output method of depreciation was used during the sixth year
  D) the estimate remaining service life of the assets was increased at the beginning of the sixth year
  Show Answer
  The correct answer is A .