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 221: The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as Options:
  A) credit note
  B) debit note
  C) invoice
  D) voucher
  Show Answer
  The correct answer is A .
• Question 222: The process of cost apportionment is carried out so that Options:
  A) indirect costs may be controlled
  B) cost units could gather overhead as they pass through cost centres
  C) variable costs may be controlled
  D) common costs are shared among cost centres
  Show Answer
  The correct answer is D .
• Question 223: The financial plan of the government for a year is contained in the? Options:
  A) budget
  B) cash analysis book
  C) vote book
  D) gazette
  Show Answer
  The correct answer is A .
• Question 224:

  The importance of bank statement is all except

  Options:
  A) verifies the accuracy of balances of cash book and cheque book
  B) helps to detect and rectify any error
  C) helps to debit an account
  D) helps to update the cash book
  Show Answer
  The correct answer is C .
• Question 225: 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? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares? Options:
  A) ₦20,000
  B) ₦18,000
  C) ₦15,000
  D) ₦12,000
  Show Answer
  The correct answer is A .
• Question 226:

  Use the information below to answer questions 40 and 41.

  Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

  Capital - Keme.............₦20 000

  ........ - Kemi.............₦10 000

  Drawings - Keme.............₦2 000

  ........ - Kemi.............₦3 000

  Profit......................₦6 000

  Interest on capital.........5%

  Interest on drawings........10%

  The interest on Keme's drawings is calculated as? Options:
  A) ₦200
  B) ₦150
  C) ₦300
  D) ₦100
  Show Answer
  The correct answer is A .
• Question 227:

  

  How much rent is apportioned to department K?

  Options:
  A) ₦1200
  B) ₦1800
  C) ₦2000
  D) ₦750
  Show Answer
  The correct answer is A .
• Question 228: Sales ledger control account contains the total amount in respect of Options:
  A) creditors
  B) debtors
  C) investors
  D) shareholders
  Show Answer
  The correct answer is B .
• Question 229:

  Use the information below to answer questions 23 and 24.

  Incomplete Record (Extract)

  Sales......................................₦10,600

  Rent...........................₦200

  Depreciation of vehicle (cost ₦5000) 10%

  Gross profit margin is 20%

  Calculate the net profit? Options:
  A) ₦1 620
  B) ₦1 920
  C) ₦1 420
  D) 2 120
  Show Answer
  The correct answer is C .
• Question 230:

  Discount received is charge to

  Options:
  A) current account
  B) profit and loss
  C) trading account
  D) balance sheet
  Show Answer
  The correct answer is B .