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 151: Cash received from the subscribed shares is recorded by debting? Options:
  A) application, allotment and crediting cash
  B) allotment and crediting cash
  C) cash and crediting subscribed shares
  D) cash, crediting application and allotment account
  Show Answer
  The correct answer is D .
• Question 152:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905Determine the current liabilities

  Options:
  A) #8,553
  B) #8,263
  C) #7,940
  D) #1,228
  Show Answer
  The correct answer is B .
• Question 153: The fund in which all government receipt are paid is? Options:
  A) consolidated revenue fund
  B) development fund
  C) trust fund
  D) contingency fund
  Show Answer
  The correct answer is A .
• Question 154: In the absence of a sales day book or sales account the credit for sales can be computed from Options:
  A) creditors control account
  B) debtors control account
  C) opening figures of the balance sheet
  D) closing figures of the balance sheet
  Show Answer
  The correct answer is A .
• Question 155:

  

  The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal.

  The correct closing balance for Lawal's current account is

  Options:
  A) ₦21 100 debit
  B) ₦14 740 debit
  C) ₦14 740 credit
  D) ₦540 credit
  Show Answer
  The correct answer is C .
• Question 156:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  Find the value of the total assets?

  Options:
  A) ₦17 700
  B) ₦10 500
  C) ₦20 000
  D) ₦15 400
  Show Answer
  The correct answer is D .
• Question 157:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .
• Question 158:

  Use the information below to answer questions:

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  What is the cost of manufactured goods?

  Options:
  A) ₦49 125
  B) ₦48 750
  C) ₦37 625
  D) ₦35 250
  Show Answer
  The correct answer is D .
• Question 159:

  In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  Options:
  A) Debit entry
  B) Contra entry
  C) Credit entry
  D) Reversal entry
  Show Answer
  The correct answer is C .
• Question 160:

  Use the information below to answer question

  Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.What was the value of fixed assets at the beginning of the year?

  Options:
  A) ₦2,900,000
  B) ₦3,800,000
  C) ₦3,900,000
  D) ₦4,000,000
  Show Answer
  The correct answer is C .