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 1: The most important reason for studying accounting is that Options:
  A) the information provided by accounting is useful in making decision
  B) Accounting plays an important role in the society
  C) the study of Accounting leads to challeging career
  D) Accounting provides gross profit information
  Show Answer
  The correct answer is A .
• Question 2:

  Given:

  Rent..............₦10,000
  Rates.............₦5,000
  Capital...........₦50,000
  Salaries..........₦14,000
  Cash..............₦26,000
  Creditors..........₦5,000

  The total trial balance is?

  Options:
  A) ₦110,000
  B) ₦65,000
  C) ₦55,000
  D) ₦45,000
  Show Answer
  The correct answer is C .
• Question 3: The amount of each invoiced goods sent to the branch is debited to? Options:
  A) branch expense account and credited to branch debtors' accoount
  B) branch stock account account and credited to the goods sent to branch account
  C) branch debtors' account and credited to branch expense account
  D) goods sent to branch expense account
  Show Answer
  The correct answer is B .
• Question 4:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  Calculate the subscriptions in the Income and expenditure account

  Options:
  A) 8400
  B) 7400
  C) 6400
  D) 7200
  Show Answer
  The correct answer is B .
• Question 5:

  Use the information below to answer question .

  ...........PQ Manufacturing Company

  Raw materials (1/11/2001)...........₦3 500

  Raw materials (31/12/2001)..........₦4 900

  Purchase of raw materials...........₦56 000

  Salary .............................₦63 000

  Wages...............................₦148 000

  Factory lighting ...................₦3 080

  Plant Depreciation..................₦2 800

  Factory Insurance ..................₦2 170

  The overhead cost is?

  Options:
  A) ₦71 050
  B) ₦68 250
  C) ₦67 970
  D) ₦66 080
  Show Answer
  The correct answer is A .
• Question 6:

  Use the information below to answer this question

  A company advertised and issued 750,000, 12% preference shares of N1 each to be issued₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

  The share premium account would be

  Options:
  A) credited with application and allotment ₦187,500
  B) debited with application and allotment ₦375,000
  C) debited with application and allotment ₦187,500
  D) credited with application and allotment ₦375,000
  Show Answer
  The correct answer is D .
• Question 7:

  Purchasers - #44,880

  Sales - #85,850

  Trade creditors - #12,250

  Trade debtors - #24,000

  Accrued expenses - # 350

  Prepaid expenses - # 700

  Stock 1/1/2006 - #25,120

  Stock 31/12/2006 - #27,840Determine the number of times stock was turned over during the period to the nearest figure

  Options:
  A) 1
  B) 2
  C) 3
  D) 4
  Show Answer
  The correct answer is B .
• Question 8:

  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 9: Which of the following events increases a corporation's shareholders equity? Options:
  A) Donation of shares out of the corporation's own stock to the corporation
  B) The corporation's purchase of treasury stock
  C) Shares of previously subscribed stock issue to subscribing stockholders
  D) A municipality donation of land to the corporation
  Show Answer
  The correct answer is A .
• Question 10:

  Given:

  (i) the consolidation revenue fund balance b/d..₦650 000

  (ii) issue from contingency fund amount to......₦240 000

  (iii) amount transferred to contingency fund is.₦210 000

  What is the consolidation revenue fund balance?

  Options:
  A) ₦1, 100 000
  B) ₦680 000
  C) ₦440 000
  D) ₦410 000
  Show Answer
  The correct answer is B .