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 201: One of the reasons for the existence of the public sector is to? Options:
  A) Take adequate care of the needy
  B) supplement the commerical sector
  C) provide cheap services to all citizens
  D) correct perceived inequalities
  Show Answer
  The correct answer is C .
• Question 202:

  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 nominal value of each share?

  Options:
  A) ₦2
  B) ₦0.80
  C) ₦0.60
  D) ₦0.50
  Show Answer
  The correct answer is D .
• Question 203: The cost of goods available for sale is? Options:
  A) ₦4 600
  B) ₦5 000
  C) ₦6 400
  D) ₦4 400
  Show Answer
  The correct answer is D .
• Question 204:

  Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

  Options:
  A) monetary
  B) cost
  C) conservatism
  D) historical
  Show Answer
  The correct answer is C .
• Question 205:

  Using the following:

  Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  What is the adjusted cashbook balance?

  Options:
  A) 4000
  B) 300
  C) 4300
  D) 5000
  Show Answer
  The correct answer is C .
• Question 206:

  Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

  Options:
  A) realisation concept
  B) entity concept
  C) going concern concept
  D) matching concept
  Show Answer
  The correct answer is B .
• Question 207:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .
• Question 208:

  Use the information below to answer question:

  Stock of raw materials (1st January) N3000
  Direct wages N2500
  Direct expenses N1000
  Factory overheads N2000
  Cost of raw materials used N5500
  Stock of finished goods (31st December) N2000

  Determine the prime cost?

  Options:
  A) ₦7500
  B) ₦6500
  C) ₦9000
  D) ₦8000
  Show Answer
  The correct answer is C .
• Question 209:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 210:

  A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

  The balance of the payments account is?

  Options:
  A) ₦24,000
  B) ₦22,000
  C) ₦34,000
  D) ₦38,000
  Show Answer
  The correct answer is C .