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:

  Given:

  Authorized Capital: N

  100,000 ordinary shares of ₦1 eash

  Issued and fully paid:

  50,000 ordinary shares of ₦1 each 50,000

  10, 000 8% perference shares

  Of ₦1 each

  Reserves 10,000

  Creditors 25,000

  Debtors 13 000

  Cash in hand 5000

  Calculate the shareholders fund

  Options:
  A) ₦60,000
  B) ₦75,000
  C) ₦85,000
  D) ₦185,000
  Show Answer
  The correct answer is C .
• Question 2: The most important reason for studying accounting is that Options:
  A) the information provided by accounting is useful in making decision
  B) Accounting plays an important role in the society
  C) the study of Accounting leads to challeging career
  D) Accounting provides gross profit information
  Show Answer
  The correct answer is A .
• Question 3:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  The yearly depreciation using the straight-line method would be

  Options:
  A) ₦5200
  B) ₦800
  C) ₦6500
  D) ₦4400
  Show Answer
  The correct answer is A .
• Question 4:

  Emeka Manufacturing Company (Extract) Manufacturing Account.

  Direct material.....................₦5 000
  Direct labour.......................₦4 500
  Direct expenses.....................₦3 000
  Factory overhead....................₦2 500
  Selling distribution................₦1 500

  Calculate the production cost

  Options:
  A) ₦16 500
  B) ₦15 000
  C) ₦14 000
  D) ₦12 500
  Show Answer
  The correct answer is B .
• Question 5:

  A source document is used for verifying the

  Options:
  A) amount due from debtors
  B) amount due to creditors
  C) selling price of goods
  D) actual cost of an asset
  Show Answer
  The correct answer is C .
• Question 6:

  Date	Particulars	Folio	Details	Total
  1/6/02	2 bags of maize	SL	1,800	1,800
  12/6/02	3 bags of salt
  	less 5% discount		7,000	7,000
  				8,800

  The 5% discount shown above indicates

  Options:
  A) trade discount
  B) cash discount
  C) discount allowed
  D) discount received
  Show Answer
  The correct answer is A .
• Question 7: The imprest account is subsidiary to the? Options:
  A) ledger account
  B) bank account
  C) cash book
  D) bank column
  Show Answer
  The correct answer is B .
• Question 8:

  An ordinary share of ₦100 was issued at ₦80. The share was issued at

  Options:
  A) premium
  B) par
  C) discount
  D) loss
  Show Answer
  The correct answer is C .
• Question 9:

  The corresponding entry of personal accounts found in the debit side of the cashbook is to

  Options:
  A) credit real accounts
  B) credit the ledger
  C) debit real accounts
  D) debit the ledger
  Show Answer
  The correct answer is B .
• Question 10:

  

  What is the net profit made by department S?

  Options:
  A) ₦3,600
  B) N,3000
  C) ₦2,400
  D) ₦2,000
  Show Answer
  The correct answer is C .