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: If stationery bought for ₦200 has been entered as ₦2000. To correct this error? Options:
  A) debit stationery with ₦2,200
  B) credit stationery with ₦1,800
  C) debit stationery with ₦1,800
  D) credit stationery with ₦2,200
  Show Answer
  The correct answer is B .
• Question 52: Which of the following categories of labour cost will be classified as direct? Options:
  A) accountant's salary
  B) factory workers' salary
  C) managing director's salary
  D) cashier's salary
  Show Answer
  The correct answer is B .
• Question 53:

  Discount allowed is enjoyed by

  Options:
  A) managers
  B) customers
  C) staff of the company
  D) suppliers
  Show Answer
  The correct answer is B .
• Question 54: Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? Options:
  A) a book value of ₦14 per share
  B) a book value of ₦20 per share
  C) a deficit of ₦420,000
  D) retained earnings of ₦600,000
  Show Answer
  The correct answer is B .
• Question 55: Use the information below to answer questions 43 and 44.

  A company advertised and issued ₦750,000, 12% preference shares of ₦1 each to be issued at ₦1.50 per share. Applications for ₦1,370,000 were received at 30k per share. 70k per share (including premium) was due om 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 were allotment shares on pro-rata basis.

  The share premium account would be?

  Options:
  A) credited with application and allotment ₦187, 500
  B) debited with appllication and allotment ₦375,000
  C) credited with application and allotment ₦375, 000
  D) debited with application and allotment ₦187, 500
  Show Answer
  The correct answer is C .
• Question 56: If salary account is debited instead of stationery account, the error committed is that of? Options:
  A) commission
  B) omission
  C) principle
  D) compensation
  Show Answer
  The correct answer is A .
• Question 57:

  Shares are said to be authorized when they are

  Options:
  A) paid -up
  B) called up
  C) offered for sale
  D) subscribed
  Show Answer
  The correct answer is C .
• Question 58: The objective of departmental account is to Options:
  A) ascertain the cost of running the organization
  B) ascertain the amount of profit or loss for each department
  C) ascertain the amount of profits for losses for the enterprises
  D) offset the loss of each treatment
  Show Answer
  The correct answer is B .
• Question 59: Accounting information seeks to provide Options:
  A) permanent records for all transactions
  B) analysis of accounts to trade debtors
  C) audited reports on the accounts of a company
  D) data about the employees of a company
  Show Answer
  The correct answer is A .
• Question 60:

  Which of the following is a conversion cost?

  Options:
  A) Factory overhead
  B) purchases
  C) material cost
  D) wages
  Show Answer
  The correct answer is A .