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 1281:

  Use the information to answer the question.

  ..........................30/9/06.......30/9/07.....

  ............................N.............N.........

  Accrued insurance premium...600...........710.......

  Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

  Options:
  A) ₦1,710
  B) ₦1760
  C) ₦2000
  D) ₦2240
  Show Answer
  The correct answer is D .
• Question 1282: The book value per share is obtained by dividing? Options:
  A) shareholders equity by outstanding shares
  B) total assets by outstanding shares
  C) gross profit by outstanding shares
  D) net profit by outstanding shares
  Show Answer
  The correct answer is A .
• Question 1283:

  Use the information below to answer the question:

  Turnover...........................₦120 000
  Net profit before tax..............₦40 000
  Net profit b/f.....................₦68 000

  Proposed dividends:

  Ordinary shares....................₦8 000
  Preference shares..................₦6 000
  Corporate tax is 30%...............₦10 000

  What is the tax charged to the profit and loss account?

  Options:
  A) ₦14 000
  B) ₦60 000
  C) ₦34 000
  D) ₦20 000
  Show Answer
  The correct answer is D .
• Question 1284:

  The major objectives of departmental account is to ascertain the

  Options:
  A) materials sold in each department
  B) insurance premium payable on employees
  C) number of employees in each department
  D) contribution of each department to profit
  Show Answer
  The correct answer is D .
• Question 1285: Use the information below to answer question

  A company's authorized share capital was one million ordinary shares at ₦1 each. Issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

  The total amount of money received on application was?

  Options:
  A) ₦560 000
  B) ₦220 000
  C) ₦800 000
  D) ₦1000 000
  Show Answer
  The correct answer is A .
• Question 1286:

  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 1287: Accounting information is used by investors and creditors of a company to predict Options:
  A) potential merger candidates for the company
  B) appropriate remunerations for the company’s staff
  C) future cash flows of the company
  D) future tax payments of the company
  Show Answer
  The correct answer is C .
• Question 1288: The fourth stage of the accounting information system is? Options:
  A) recording
  B) interpreting
  C) summarizing
  D) classifying
  Show Answer
  The correct answer is C .
• Question 1289: The capital of a sole trader can be increased by Options:
  A) debiting the capital account
  B) crediting the capital account
  C) debiting the cash account
  D) crediting the cash account
  Show Answer
  The correct answer is C .
• Question 1290: Which of the following items are current assets? Options:
  A) Stock, bills receivable, cash and debtors
  B) Stock, bill receivable, cash and debtors
  C) Stock, bad debt, bills receivable and cash
  D) Stock, work-in-progress, cash and bills payable
  Show Answer
  The correct answer is A .