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:

  Use the information below to Answer questions 46 and 47.

  Among Limited invoiced goods at a cost of ₦10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth ₦1,200 at invoice price to the head office.

  The profit marginal should be?

  Options:
  A) debit to goods sent to branch account
  B) debit to branch stock adjustment account
  C) credit to branch adjustment account
  D) credit to branch stock adjustment account
  Show Answer
  The correct answer is D .
• Question 2: The federal government approved ₦140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality? Options:
  A) ₦35m
  B) ₦14m
  C) ₦56m
  D) ₦28m
  Show Answer
  The correct answer is C .
• Question 3:

  The current growth in the volume of trading and financial dealings in Nigeria is helped by

  Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 4:

  Use the information below to answer the question

  Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d

  Dept A ₦ 6,000 1,800 ? 600 ? 6,000

  Dept B ₦ 4,000 1,200 ? ? 1,600 4,000

  Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000

  It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

  What is the net profit made by department A?

  Options:
  A) ₦2000
  B) ₦3600
  C) ₦3000
  D) ₦2400
  Show Answer
  The correct answer is D .
• Question 5: The debenture issued at par above the nominal value is said to be issued at a Options:
  A) cost price
  B) mark-up
  C) premium
  D) margin
  Show Answer
  The correct answer is C .
• Question 6:

  Use the question to answer this question:

  Opening stock	₦
  Department A B	100 800
  Purchases: A B Wages of workers Salaries	1500 2000 50 100
  Sales A B	3000 5000

  Expenses are to be shared in the ratio of sales.

  The cost of goods for department B is

  Options:
  A) 4,120
  B) 3400
  C) 3000
  D) 2800
  Show Answer
  The correct answer is D .
• Question 7:

  The issued share capital is the number of shares that are

  Options:
  A) shared among the directors
  B) authorised by the shareholders
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is B .
• Question 8: In the balance sheet, the subscription in arrears will be? Options:
  A) ₦200
  B) ₦300
  C) ₦1,200
  D) ₦1,300
  Show Answer
  The correct answer is C .
• Question 9: If Mr. Ajasin paid his creditors ₦5000 out of ₦20 000 owed, what would be the effect of this transaction on the accounting equation? Options:
  A) A decraese in the total asssets by ₦5000
  B) An incraese in the total liabilities and owners' equity by by ₦15 000
  C) An increase in the total assets by ₦15 000
  D) A decrease in owners' equuity by ₦5000
  Show Answer
  The correct answer is A .
• Question 10: The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the? Options:
  A) prime cost
  B) indirect cost
  C) total cost
  D) direct cost
  Show Answer
  The correct answer is B .