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 31: The stock valuation data is important because it enables management to? Options:
  A) separate debtors from creditors
  B) determine the cost of stock at the end of business
  C) determine the cost of stock at the beginning of business
  D) determine the total cost of goods purchased
  Show Answer
  The correct answer is B .
• Question 32: Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is ₦48 600, how much is paid for warehouse? Options:
  A) ₦4000
  B) ₦6000
  C) ₦10000
  D) ₦8000
  Show Answer
  The correct answer is D .
• Question 33:

  A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued

  What is the issued capital

  Options:
  A) ₦40
  B) ₦48
  C) ₦50
  D) ₦80
  Show Answer
  The correct answer is B .
• Question 34:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  What is the sales value of department R?

  Options:
  A) ₦7,800
  B) ₦11,700
  C) ₦23,400
  D) ₦35,100
  Show Answer
  The correct answer is A .
• Question 35:

  Which of the following concepts recognizes the principle of double entry?

  Options:
  A) business entity
  B) accrual
  C) going concern
  D) dual aspect
  Show Answer
  The correct answer is D .
• Question 36:

  Use the information below to answer the question:

  Liabilities                     ₦	Assets                                   ₦
  Capital                        40,000	Furnishing                               10,000
  	Ceiling Fan                               1,500
  	Cash in Hand                         28,500
  40,000	40,000

  If at 31/1/95 the following information was ascertained

  (i) rent for shop ₦12,000 paid for the year

  (ii) Total purchases ₦15,000

  (iii) Total sales ₦8,200

  (iv) Stock of goods left ₦10,000

  (v) paid sales boy ₦500

  Options:
  A) ₦40,000
  B) ₦41,500
  C) ₦41,700
  D) ₦48,500
  Show Answer
  The correct answer is C .
• Question 37: Benefit enjoyed for which payments have not been made are? Options:
  A) accruals
  B) prepayments
  C) acquisitions
  D) provisions
  Show Answer
  The correct answer is A .
• Question 38: Income and expenditure account is more informative than receipts and payments account because it discloses? Options:
  A) cash
  B) cheques
  C) debtors
  D) stocks
  Show Answer
  The correct answer is C .
• Question 39:

  Transactions are recorded or posted to the ledger in line with

  Options:
  A) Accounting Concept
  B) Source document
  C) Double Entry Principle
  D) Data collection
  Show Answer
  The correct answer is C .
• Question 40:

  In the absence of a partnership deed, the act stipulates that____________

  Options:
  A) An amount should be fixed as salaries for partners
  B) Profits and losses should not be shared equally
  C) Interest on partner’s loan should be 25%
  D) Interest should not be allowed on partners drawings
  Show Answer
  The correct answer is D .