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:

  Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

  Determine the amount of prepaid rates?

  Options:
  A) ₦345
  B) ₦750
  C) ₦1,380
  D) ₦1,500
  Show Answer
  The correct answer is B .
• Question 2:

  Given:
  Lankoh Company Ltd
  ₦
  Stock 3,600,000
  Cash at hand 800,000
  Cash in bank 2,400,000
  Debtors 580,000
  Trade creditors 920,000
  Bank overdraft 200,000
  Tax liabilities 600,000
  Salary owed to staff 180,000

  What is the working capital?

  Options:
  A) ₦5,480,000
  B) ₦6,480,000
  C) ₦8,480,000
  D) ₦7,380,000
  Show Answer
  The correct answer is A .
• Question 3: The suspense account is used to correct book-keeping error where the Options:
  A) amount involved is quite significant
  B) item involved is not material
  C) item involved is unknown
  D) error does not affect the agreement of the trial balance
  Show Answer
  The correct answer is C .
• Question 4: If Aboki Holdings Limited issued 120, 000 ordinary share of ₦2.00 each at market value of 5.50k each, the share premium would? Options:
  A) ₦500 000
  B) ₦450 000
  C) ₦550 000
  D) ₦420 000
  Show Answer
  The correct answer is D .
• Question 5:

  Given: N

  Direct material - 10 000

  Direct labour - 5000

  Direct expenses - 2000

  Factory overhead - 4000

  What is the prime cost?

  Options:
  A) ₦21 000
  B) ₦17 000
  C) ₦15 000
  D) ₦6 000
  Show Answer
  The correct answer is B .
• Question 6:

  Eko Local Government expenditure

  Hospital building ---------------------- ₦200,000
  Drugs ---------------------------------- ₦180,000
  Hospital beds and mattresses ------------ ₦40,000
  Doctors' and nurses' salaries ---------- ₦120,000
  Administrative expenses ----------------- ₦50,000

  Recurrent expenditure is

  Options:
  A) ₦390,000
  B) ₦360,000
  C) ₦350,000
  D) ₦170,000
  Show Answer
  The correct answer is C .
• Question 7:

  Use the information below to answer question .

  Capital.....................N?

  Profit and loss.............₦3500

  Current assets..............N?

  Current liabilities.........₦2000

  Fixed assets................₦11000

  Determine the current assets?

  Options:
  A) ₦7 000
  B) ₦6 000
  C) ₦8 000
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 8:

  Given:

  Total debtors b/d 31/12/99...............₦25 000

  Cheques received from debtors ...........₦255 000

  Total debtors c/d 31/12/00...............₦15 000

  Determine the sales figure?

  Options:
  A) ₦295 000
  B) ₦265 000
  C) ₦245 000
  D) ₦215 000
  Show Answer
  The correct answer is C .
• Question 9: The use of a three-column cash book is determine by? Options:
  A) cash discounts
  B) trade discounts
  C) cash transactions
  D) bank transactions
  Show Answer
  The correct answer is A .
• Question 10:

  Which of the followingis a debit item in the purchase ledger control account?

  Options:
  A) balance b/d
  B) cheque dishonoured
  C) balance c/d
  D) purchases
  Show Answer
  The correct answer is C .