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 41:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .
• Question 42: The conversion of a partners business into a limited liability company affords the Options:
  A) general partners the chance of enjoying the limited laibility protection
  B) limited liability partners the chance of enjoying the limited liability protecction
  C) Creditors the chance of enjoying the limited liabiity protection
  D) debtors the chance of enjoying the limited liability protection
  Show Answer
  The correct answer is B .
• Question 43: The movement of goods from head office to a branch is treated in the head office as Options:
  A) Sales
  B) issue
  C) purchases
  D) requisition
  Show Answer
  The correct answer is B .
• Question 44: What is Kunle's share of the profit? Options:
  A) ₦600
  B) ₦300
  C) ₦180
  D) ₦120
  Show Answer
  The correct answer is D .
• Question 45:

  Given:Opening capital - #50,000

  Closing capital - #64,000

  Drawings - #16,000Determine the net profit

  Options:
  A) #2,000
  B) #14,000
  C) #20,000
  D) #30,000
  Show Answer
  The correct answer is D .
• Question 46: Receipt and payment account discloses? Options:
  A) debtors
  B) creditors
  C) prepayment
  D) depreciation
  Show Answer
  The correct answer is C .
• Question 47:

  The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

  Options:
  A) goods manufactured
  B) materials put into production
  C) goods available for sale
  D) goods sold
  Show Answer
  The correct answer is A .
• Question 48:

  The basic role of accounting is to?

  Options:
  A) detect fraud
  B) attest to financial statements
  C) measure performance
  D) protect shareholders
  Show Answer
  The correct answer is C .
• Question 49: Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business? Options:
  A) they will simply continue since there are no new members
  B) the partnership is formally ended and new company books opened
  C) the shares and all other items will be shared equally and not in their former ratios
  D) computation of goodwill must be done as it is legally required
  Show Answer
  The correct answer is B .
• Question 50:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .