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 1221: What will be the number of shares to be issued to a subscriber who applied for 50,000 units. Options:
  A) 20,000
  B) 18,000
  C) 15,000
  D) 12,000
  Show Answer
  The correct answer is A .
• Question 1222: The contribution marginal on a job is the? Options:
  A) gross profit
  B) net profit
  C) excess of sales revnue over variable costs
  D) difference between fixed and variable costs
  Show Answer
  The correct answer is C .
• Question 1223:

  Use the information below to answer questions 29 and 30.Work-in-progress 1/1........................₦1,000

  Work-in-progress 31/12......................₦2,000

  Production cost of goods manufactured.......₦20,000

  Sales.......................................₦50,000

  Stock of finished goods 1/1.................₦4,000

  Stock of finished goods 31/12...............₦5,000

  Selling and distribution expenses...........₦2,000

  Administrative expenses.....................₦1,000Determine the gross profit?

  Options:
  A) 49,000
  B) 48,000
  C) 31,000
  D) 30,000
  Show Answer
  The correct answer is C .
• Question 1224: The following accounting entries are made when bad debt is recovered Options:
  A) debit bad debts accounts and credit bad debt recovered account
  B) debit debtors accounts and recovered account
  C) debit bad debts recovered account and credit bad debts account
  D) debit bad debts account and credit profit and loss account
  Show Answer
  The correct answer is B .
• Question 1225: The conventional sources of public revenue includes? Options:
  A) loans,taxation, foreign reserves and dividends
  B) interest, royalties, taxation and loans
  C) crude oil, interest, posted price and taxation
  D) taxtion, deficit budgeting, royalties and loans
  Show Answer
  The correct answer is B .
• Question 1226: A debit in the suspense accounting will appear in the balance sheet as? Options:
  A) a current asset
  B) a current lability
  C) capital
  D) drawings
  Show Answer
  The correct answer is A .
• Question 1227:

  MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500

  Annual dues.......................₦112 000How much is the total receipt of the club?

  Options:
  A) ₦563 440
  B) ₦687 940
  C) ₦363 440
  D) ₦524 500
  Show Answer
  The correct answer is C .
• Question 1228:

  Which of the following accounting records are source documents?

  Options:
  A) journals and ledgers
  B) sales invoice and debit note
  C) sales invoice and cashbook
  D) cashbook and debit note
  Show Answer
  The correct answer is B .
• Question 1229:

  Yahya,s bank account shows a credit balance of ₦1500,000. He paid ₦1700,000 into the bank.

  What is his expected balance?

  Options:
  A) Credit balance of ₦200,000
  B) Debit balance of ₦200,000
  C) credit balance of ₦3 200,000
  D) Debit balance of ₦3 200,000
  Show Answer
  The correct answer is C .
• Question 1230:

  Use the information to answer this question

  Receipts and Payment Account (Extract)

                                 N

  Bal b/f                   3650       Insurance   900

  Subscription   (99) 7500       Rate          11,700

                     (2000) 1000      Bal c/d        8,050

  Fees                      8500

                              20,650                       20,650

  The following information were given:

  Rates owing Insurance prepaid Subscription in arrears

  1/199 3,600 50 700

  31/12/99 2000 1000 600

  Calculate the subscriptions in the Income and expenditure account

  Options:
  A) 8400
  B) 7400
  C) 6400
  D) 7200
  Show Answer
  The correct answer is B .