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 1381:

  Gbagada Social Club.
  Receipt and Payments Account for the year 1993

  Description	Amount (₦)	Description	Amount (₦)
  Balance b/d	720	Rent	180
  Subscriptions	14,300	Furniture	3,500
  Proceed from raffle draws	2,000	Rate	580
  		Stationery	120
  		Welfare expenses	1,000
  		Raffle prize	950
  Total	17,020	Balance c/d	10,690
  		Total	17,020

  Accumulated fund on 1st January 1993 is

  Options:
  A) ₦8 570
  B) ₦8 470
  C) ₦850
  D) ₦7 520
  Show Answer
  The correct answer is D .
• Question 1382: Provision for discount allowed can be recorded as debit to? Options:
  A) the profit and loss account and a credit to provision for discount allowed
  B) provision for discount allowed and a credit to the profit and loss account
  C) discount allowed and a credit to the profit and loss account
  D) expenses and a credit to customers' account
  Show Answer
  The correct answer is A .
• Question 1383: A basic unifying concept in accounting implies that? Options:
  A) where creditors'account is zero, the assets are equal to the owners' equity
  B) there should be a balance in the creditors' account in order to measure total assets
  C) revenues should be supported by invested and owners'capital
  D) total assets can be less than liabilities and equity
  Show Answer
  The correct answer is A .
• Question 1384:

  Udoh Trading Company

  Balance Sheet as at 31st December, 1992

  	N		N
  Capital	39 000	Land	20 000
  Long term loan	15 000	Building	30 000
  Creditors	9 000	Stock	4 000
  		Debtors	6 000
  Accrued wages	5 000	Cash	8 000
  	68 000		68 000

  What is the working capital?

  Options:
  A) ₦12 000
  B) ₦11 000
  C) ₦8 000
  D) ₦4 000
  Show Answer
  The correct answer is D .
• Question 1385: Where closing stock is undervalued, the effect is? Options:
  A) an increase in gross profit
  B) a decrease in gross profit
  C) an increase in purchases
  D) a decrease in purchase
  Show Answer
  The correct answer is B .
• Question 1386:

  

  Credit purchases are always put at 150% of the total cash paid to suppliers

  Determine the credit purchases

  Options:
  A) ₦13 500
  B) ₦15 500
  C) ₦13 400
  D) ₦12 000
  Show Answer
  The correct answer is D .
• Question 1387: The issued share capital is the number of shares that are Options:
  A) authorized by share holders
  B) shared among the directors
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is A .
• Question 1388: The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed Options:
  A) materiality
  B) objectivity
  C) consistency
  D) conservatism
  Show Answer
  The correct answer is D .
• Question 1389:

  Use the information below to answer questions Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share.

  Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

  The refund due to an application for ₦25,000 shares is?

  Options:
  A) ₦45,000
  B) ₦30,000
  C) 7,500
  D) ₦5,000
  Show Answer
  The correct answer is B .
• Question 1390: Use the information below to answer questions .

  On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.

  the rate of the yearly depreciation expense would be?

  Options:
  A) 50%
  B) 40%
  C) 30%
  D) 20%
  Show Answer
  The correct answer is D .