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 141:

  Transfers from the head office to branches are best carried out at__________

  Options:
  A) Cost price
  B) Cost plus mark up
  C) Selling price
  D) Market price
  Show Answer
  The correct answer is B .
• Question 142: Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be? Options:
  A) used to pay all taxes due to government
  B) used to start a new partnership business by members who are willing
  C) shared equally by the existing partners
  D) used in paying the debts and liabilities of the firm to persons who are not partners
  Show Answer
  The correct answer is D .
• Question 143: The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the? Options:
  A) prime cost
  B) indirect cost
  C) total cost
  D) direct cost
  Show Answer
  The correct answer is B .
• Question 144:

  Use the information below to answer question .

  Capital.....................N?

  Profit and loss.............₦3500

  Current assets..............N?

  Current liabilities.........₦2000

  Fixed assets................₦11000

  The company maintains a current ratio of 3:1.

  The capital balance is?

  Options:
  A) ₦95 00
  B) ₦12 500
  C) 11 500
  D) 10 00
  Show Answer
  The correct answer is B .
• Question 145: The Partnership Deed normally specifies? Options:
  A) how profit or losses are to be shared
  B) the capital to be contributed annually
  C) how salaries are paid to employees
  D) the profit that should be earned annually
  Show Answer
  The correct answer is A .
• Question 146: The details of the share capital which a company is authorized to issue is contained in the Options:
  A) Articles of Association
  B) Companies and Allied Matters Act
  C) Memorandum of Association
  D) Share capitak certificate
  Show Answer
  The correct answer is C .
• Question 147: If goods were returned to branch by the customers, the correct posting for this transaction is to debit? Options:
  A) branch debtor's account and credit head office account
  B) head office account and credit branch stock account
  C) branch stock account and credit branch debtors' account
  D) branch cash account and credit branch stock account
  Show Answer
  The correct answer is C .
• Question 148:

  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 149:

  Discount received is charge to

  Options:
  A) current account
  B) profit and loss
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .
• Question 150: One of the major features of bookkeeping is that it? Options:
  A) provides permanent records for all financial transactions
  B) is futuristic in nature
  C) accpets responsibility for all wrong postings
  D) does not give room for double entry procedures
  Show Answer
  The correct answer is A .