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 51:

  Use the information below to answer questions 25 and 26.

  ........................31/12/08...........31/12/09

  Furniture and fittings..₦21 000,............₦28 000

  Office equipment........₦9 800,.............₦13 200

  Debtors.................₦6 800,.............₦5 200

  Creditors...............₦4 900,.............₦5 100

  Cash at bank............₦7 000,.............₦4 600

  Accrued electricity bills...................₦1 200

  Monthly drawings average ₦330.

  Find the opening capital?

  Options:
  A) ₦39 700
  B) ₦35 900
  C) ₦35 740
  D) ₦43 660
  Show Answer
  The correct answer is A .
• Question 52:

  A member of a club paid ₦1,000 as is subscription for 1993 and ₦1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the ₦1,200 subscription will be treated in the balance sheet as

  Options:
  A) current asset
  B) current liability
  C) capital
  D) profit
  Show Answer
  The correct answer is B .
• Question 53:

  Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

  Use the details above to answer the following question.

  The N6,000 subscription received is?

  Options:
  A) capital
  B) fixed asset
  C) current liability
  D) current asset
  Show Answer
  The correct answer is C .
• Question 54:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 55:

  Purchase of raw materials - #330,000

  Closing stock of raw materials - #80,000

  Direct wages - #30,000

  Carriages of raw materials - #10,000Determine the prime cost

  Options:
  A) #525,000
  B) #515,000
  C) #465,000
  D) #365,000
  Show Answer
  The correct answer is D .
• Question 56:

  Use the information below to answer the question.

  Zazzau Company:

  Cash in hand................₦50
  Cash in bank................₦1 250
  Stock.......................₦4 880
  Furniture...................₦9 60
  Building....................₦5 500
  Debtor......................₦1 750
  Creditors...................₦2 150

  Drawings of ₦125 were made by the shareholders of the company.

  The company's net current assets amount to

  Options:
  A) ₦5 780
  B) ₦5 70
  C) ₦6 580
  D) ₦7 930
  Show Answer
  The correct answer is A .
• Question 57: Determine the opening cash balance of the club? Options:
  A) ₦3 070
  B) ₦2 220
  C) ₦5 710
  D) ₦4 320
  Show Answer
  The correct answer is B .
• Question 58:

  Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

  Options:
  A) entity
  B) accrual
  C) realization
  D) materiality
  Show Answer
  The correct answer is D .
• Question 59: The major objective of departmental accounts is to ascertain the? Options:
  A) contribution of each department to profit
  B) materials sold in each department
  C) insurance premium payable on employees
  D) number of employees in each department
  Show Answer
  The correct answer is A .
• Question 60:

  Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

  Options:
  A) 36,925Cr
  B) 40,000Cr
  C) 50,000Dr
  D) 36,295Dr
  Show Answer
  The correct answer is A .