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 prime cost is the total of the

  Options:
  A) direct materials+direct labour+direct wages
  B) production cost+selling expenses
  C) administrative expenses+selling expenses+distribution expenses
  D) direct materials+work overhead expenses
  Show Answer
  The correct answer is A .
• Question 2:

  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 nominal value of each share?

  Options:
  A) ₦2
  B) ₦0.80
  C) ₦0.60
  D) ₦0.50
  Show Answer
  The correct answer is D .
• Question 3:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.? Options:
  A) ₦11,000
  B) ₦7,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 4: According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the? Options:
  A) Consolidated Revenue Fund
  B) Federation Account
  C) Revenue Mobilization Allocation and Fiscal Commission's Account
  D) Equalization Fund
  Show Answer
  The correct answer is A .
• Question 5:

  

  How much rent is apportioned to department K?

  Options:
  A) ₦1200
  B) ₦1800
  C) ₦2000
  D) ₦750
  Show Answer
  The correct answer is A .
• Question 6: In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a? Options:
  A) current assets
  B) current liability
  C) capital
  D) reserve
  Show Answer
  The correct answer is B .
• Question 7:

  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 8: Partners' salaries and drawings are usually posted to the? Options:
  A) trading account
  B) current account
  C) capital account
  D) partners' account
  Show Answer
  The correct answer is B .
• Question 9:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .
• Question 10: The cost that are directly traceable to the the goods being produced is? Options:
  A) party manufactured goods
  B) overhead cost
  C) total factory expenses
  D) prime cost
  Show Answer
  The correct answer is D .