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 1251: Goodwill can be in the balance sheet as? Options:
  A) fixed tangible asset
  B) current asset
  C) fictitious asset
  D) liquid asset
  Show Answer
  The correct answer is C .
• Question 1252:

  Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

  Debit:

  Jan. 1, cost ................₦1950 000

  Dec.31, Addition ............ ₦400 000

  Credit:

  Jan. 1, Depreciation ........₦1360 000

  June 30, Sales proceeds...... ₦700 000

  The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?

  Options:
  A) ₦250 000 loss
  B) ₦50 000 loss
  C) ₦450 000 profit
  D) ₦575 000 profit
  Show Answer
  The correct answer is C .
• Question 1253:

  Use the following to answer this question.

  Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

  The Unissued capital of the company is

  Options:
  A) ₦310,000
  B) ₦200,000
  C) ₦210,000
  D) ₦100,000
  Show Answer
  The correct answer is D .
• Question 1254: A typical example of a real account is? Options:
  A) prepayment
  B) expenses
  C) plant
  D) income
  Show Answer
  The correct answer is C .
• Question 1255:

  The rule of accounting equation requires that account payable should be placed under

  Options:
  A) equities
  B) assets
  C) capital
  D) liabilities
  Show Answer
  The correct answer is D .
• Question 1256:

  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 issued capital

  Options:
  A) ₦40
  B) ₦48
  C) ₦50
  D) ₦80
  Show Answer
  The correct answer is B .
• Question 1257:

  	N
  sales	20,000
  cost of sales	10,000
  operating expenses	2,500
  expenses prepaid included in operating expenses	500

  Use the information above to answer the following question. 

  What is the gross profit margin?

  Options:
  A) 100%
  B) 50%
  C) 40%
  D) 30%
  Show Answer
  The correct answer is B .
• Question 1258: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 1259:

  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 1260: When there is no basis of apportionment in an organization, the expenses should be apportioned based on Options:
  A) sales
  B) purchases
  C) equality
  D) floor space
  Show Answer
  The correct answer is C .