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 91: The ordinary shareholders enjoy the following rights except the right to? Options:
  A) vote at annual general meetings
  B) elect the board of directors
  C) participate in additional issues of shares
  D) receive dividends at a preddetermined rate
  Show Answer
  The correct answer is D .
• Question 92: The necessary accounts to be opened on the issue of ordinary share capital are? Options:
  A) preference share capital, cash and allotment accounts
  B) bank and ordinary share capital accounts
  C) cash and ordinary share capital accounts
  D) nominal value and ordinary share capital accounts
  Show Answer
  The correct answer is B .
• Question 93: Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court. Options:
  A) i, ii and iii only
  B) i, ii and iv only
  C) i, iii, and iv only
  D) ii, iii and iv only
  Show Answer
  The correct answer is A .
• Question 94:

  The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

  Options:
  A) contigencies
  B) reserved expenditure warrant
  C) annual general warrant
  D) provisional general warrant
  Show Answer
  The correct answer is D .
• Question 95:

  I Space occupied by each department.

  Ii Average value of stock held by each department.

  Iii Departmental turnover.

  Iv Number of articles sold by each department .

  From the information above, the two most logical bases for apportioning expenses that are common to departments are?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is B .
• Question 96:

  Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.

  This concept is called?

  Options:
  A) entity
  B) materiality
  C) realization
  D) accrual
  Show Answer
  The correct answer is B .
• Question 97: A typical example of a real account is? Options:
  A) prepayment
  B) expenses
  C) plant
  D) income
  Show Answer
  The correct answer is C .
• Question 98:

  The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively.

  The collection from customers during the period was ₦70,000. What was the total sale on account?

  Options:
  A) ₦20,000
  B) ₦60,000
  C) ₦80,000
  D) ₦120,000
  Show Answer
  The correct answer is C .
• Question 99:

  Given:

  I. Settlement of debts
  II. Cessation of business
  III. Introduction of assets
  IV. Disposal of assets

  Which of these constitutes dissolution of partnership?

  Options:
  A) I,II and III only
  B) I,II and IV only
  C) II and IV only
  D) II and III and IV only
  Show Answer
  The correct answer is B .
• Question 100:

  Hauwa Ltd bought 10bags of rice for ₦500 each.

  The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

  Options:
  A) ₦250
  B) ₦570
  C) ₦600
  D) ₦850
  Show Answer
  The correct answer is C .