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 1231:

  Use the information below to answer questions .Stock of material 1/1..............₦10 000

  Purchase of raw material...........₦160 000

  Manufacturing wages................₦420 000

  Royalties..........................₦3 000

  Stock of raw materials 31/12.......₦14 000Calculate the prime cost?

  Options:
  A) ₦597000
  B) ₦579000
  C) ₦576000
  D) ₦5967000
  Show Answer
  The correct answer is B .
• Question 1232: In the period of rising prices, which method of stock valuation is most appropriate? Options:
  A) Last in First Out
  B) weighted average
  C) First in First Out
  D) Simple average
  Show Answer
  The correct answer is A .
• Question 1233: In the not-for-profit-making organization, the excess of income over expenditure is? Options:
  A) deducted from the capital
  B) added to the accumulated fund
  C) added to the capital
  D) deducted from the the accumulated fund
  Show Answer
  The correct answer is B .
• Question 1234:

  $\begin{array}{cc}& N\\ \text{Plant and Machinery}& 190000\\ \text{Motor Vehicle}& 170000\\ \text{Stock}& 60000\\ \text{Current Liabilities}& 50000\\ \text{Purchase consideration}& 400000\end{array}$

  Determine the amount of goodwill.

  Options:
  A) ₦110 000
  B) ₦ 80 000
  C) ₦ 90 000
  D) ₦ 30 000
  Show Answer
  The correct answer is D .
• Question 1235:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 1236: A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at a price of ₦1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares? Options:
  A) ₦1,000
  B) ₦1,200
  C) ₦4,800
  D) ₦6,000
  Show Answer
  The correct answer is A .
• Question 1237: In the not-for-profit-making organization, the excess of income over expenditure is Options:
  A) deducted from the capital
  B) added to the accumulated fund
  C) added to the capital
  D) deducted from the the accumulated fund
  Show Answer
  The correct answer is B .
• Question 1238: Which of these accounts is dissolution expenses credited? Options:
  A) partners capital account
  B) revaluation account
  C) partners current account
  D) Realization account
  Show Answer
  The correct answer is D .
• Question 1239: An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the? Options:
  A) fixed assets ratio
  B) capital gearing ratio
  C) current assets ratio
  D) acid test ratio
  Show Answer
  The correct answer is D .
• Question 1240: 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 .