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 331:

  Given:

  Stock of raw materials 1/40............₦11 150

  Purchases of raw materials.............₦112 550

  Raw material returned..................₦31 150

  Stock of Raw materials 31/12/04........₦27 150

  Calculate the cost of raw materials consumed?

  Options:
  A) ₦156 000
  B) ₦38 300
  C) ₦183 150
  D) ₦66 550
  Show Answer
  The correct answer is D .
• Question 332:

  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.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 333: 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 334:

  Use the information below to answer question

  Given: 31/12/98 31/12/99

  Assets: Plant and Mach. ₦1,500 ₦1,200

  Fixtures ₦700 ₦520

  Stock ₦500 ₦600

  Debtors ₦900 ₦400

  Cash ₦200 ₦300

  Liabilities: Creditor ₦500 ₦600

  Loan ₦600 ₦400

  What is the capital from the opening balance sheet?

  Options:
  A) ₦3,600
  B) ₦2,700
  C) ₦2,070
  D) ₦1,520
  Show Answer
  The correct answer is B .
• Question 335: Purchasers ledger control account can also be referred to as Options:
  A) sales day book
  B) purchasers day book
  C) creditors legder
  D) debtors ledger
  Show Answer
  The correct answer is C .
• Question 336:

  Given:Drawings - #3,500

  Net loss - #2,500

  Capital 1/1/2007 - #35,000

  Additional capital - #10,000The adjusted capital as at 31/1/2007 is

  Options:
  A) #35,000
  B) #39,000
  C) #45,000
  D) #46,000
  Show Answer
  The correct answer is C .
• Question 337: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 338:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  What was the balance of cash with the petty cashier at the end of period 1?

  Options:
  A) ₦450
  B) ₦300
  C) ₦50
  D) ₦200
  Show Answer
  The correct answer is C .
• Question 339: Which of the following is the capital reserve of a company Options:
  A) Share premium
  B) Retained profit
  C) Accumulated depreciation
  D) Loss on forfeited shares
  Show Answer
  The correct answer is A .
• Question 340: A partnership's internal regulations are set out by Options:
  A) a deed
  B) a law
  C) a constitution
  D) an article
  Show Answer
  The correct answer is A .