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 61: 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 62: Prime cost is one of the following Options:
  A) expenses which can be identified with an allocated to cost centers
  B) aggregate direct material cost, direct labour cost and variable direct expenses
  C) the cost taken into account in the production process whether direct or indirect
  D) the cost of commodities supply to an undertaking
  Show Answer
  The correct answer is B .
• Question 63: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 64: The major source document which enables an employer to calculate the employee wages is the Options:
  A) nominal roll of employees
  B) record of number of hours worked
  C) effort of the employee
  D) record of number of dependants per employee
  Show Answer
  The correct answer is B .
• Question 65: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
  Show Answer
  The correct answer is C .
• Question 66:

  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 67: As part of the initial investment, a partner contributes office equipment that originally cost ₦20,000 and on which provision for depreciation of ₦12,500 had been recorded. If the partners agree on a valuation of ₦9,000 for the equipment, what amount should be debited to the office equipment account? Options:
  A) ₦7,500
  B) ₦9,000
  C) ₦12,500
  D) ₦20,000
  Show Answer
  The correct answer is B .
• Question 68:

  In a non-profit making organisation, the excess of Assets over liabilities equals

  Options:
  A) capital
  B) capital employed
  C) capital owned
  D) accumulated funds
  Show Answer
  The correct answer is D .
• Question 69:

  Use the information to answer below to answer questions 7 and 8.

  I Operating machines

  Ii Furniture

  Iii Fixtures and fitting

  Iv Loan from friends

  V Creditors

  What are the current liabilities?

  Options:
  A) i and ii
  B) iv and v
  C) iii and v
  D) ii and iv
  Show Answer
  The correct answer is B .
• Question 70: The total cash and cheques received from customers in a control account is derived from the Options:
  A) income and expenditure account
  B) cashbook
  C) purchases day book
  D) sales journal
  Show Answer
  The correct answer is C .