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 cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

  Options:
  A) 6000
  B) 1000
  C) 1500
  D) 2500
  Show Answer
  The correct answer is C .
• Question 2: Use the information below to answer question

  A company's authorized share capital was one million ordinary shares at ₦1 each. Issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

  The total amount of money received on application was?

  Options:
  A) ₦560 000
  B) ₦220 000
  C) ₦800 000
  D) ₦1000 000
  Show Answer
  The correct answer is A .
• Question 3:

  Given:

  Liabilities..............₦23,700
  Current assets...........₦20,300
  Fixed assets.............₦64,500

  What is the capital introduced by the proprietor?

  Options:
  A) ₦40,800
  B) ₦61,100
  C) ₦88,200
  D) ₦108 500
  Show Answer
  The correct answer is B .
• Question 4: Partners' share of profit is credited to Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 5:

  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 6: Share premium is an example of? Options:
  A) revenue reserve
  B) capital reserve
  C) general reserve
  D) loan capital
  Show Answer
  The correct answer is B .
• Question 7:

  Mr Ojo gives you the following information on 31st July 2017

  Opening Stock         7,000

  Closing Stock         12,000

  Purchases         60,000

  Expenses         4,500

  Uniform margin of 33 $\frac{1}{3}$ %

  You are required to calculate the sales

  Options:
  A) #55,000
  B) #82,500
  C) #27,500
  D) #50,000
  Show Answer
  The correct answer is B .
• Question 8: Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including? Options:
  A) partners' salaries
  B) interest on capital
  C) partners' drawings
  D) interest on loans
  Show Answer
  The correct answer is D .
• Question 9: The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the? Options:
  A) Public Accounts Committee
  B) Public Audit Committee
  C) Internal Audit Committee
  D) External Audit Committee
  Show Answer
  The correct answer is A .
• Question 10:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .