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 341: When a share valued at 50k is issued at #1.59, it is said to be issued at Options:
  A) par
  B) premium
  C) discount
  D) interest
  Show Answer
  The correct answer is B .
• Question 342: The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. ₦20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing? Options:
  A) ₦8 000
  B) ₦10 000
  C) ₦12 000
  D) ₦18 000
  Show Answer
  The correct answer is A .
• Question 343:

  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 344:

  

  Credit sales is given at 160% of cash received.

  What is the balance c/d?

  Options:
  A) ₦333 000
  B) ₦234 000
  C) ₦343 000
  D) ₦243 000
  Show Answer
  The correct answer is D .
• Question 345: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .
• Question 346:

  The current growth in the volume of trading and financial dealings in Nigeria is helped by

  Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 347:

  Given:

  Stock at start:

  Raw materials................₦57 000

  Work-in-progress.............₦42 000

  Finished goods...............₦71 000

  Purchase of raw materials amount to ₦81 000, direct labour is ₦38 000 and factory overhead ₦29 000.

  Calculate the prime cost?

  Options:
  A) ₦176 000
  B) ₦170 000
  C) ₦167 000
  D) ₦156 000
  Show Answer
  The correct answer is A .
• Question 348:

  N	N
  Capital                                         39,000	Land  20,000
  Long Term Loan      15, 000	Building 30,000
  Creditors                                       9,000	Stock  40,000
  	Debtors  6,000
  Accrued wages                             5,000	Cash  8, 000
  68,000	68,000

  Use the information above to answer the question:

  The acid test ratio in the company is ___________

  Options:
  A) 1:1
  B) 2:3
  C) 1:2
  D) 3:2
  Show Answer
  The correct answer is A .
• Question 349: The medium of correcting errors whose differences are shown in the trial balance is by the use of? Options:
  A) debtors' account
  B) creditor's account
  C) suspense account
  D) ledger account
  Show Answer
  The correct answer is B .
• Question 350: At the end of a financial period, the trading profit and loss account of a company showed a profit of ₦120,000. It was however discovered that revenue of ₦12,000 was recorded as expenses while expenses of ₦4,000 had been recorded as revenue. What should be the correct profit for the period? Options:
  A) ₦104,000
  B) ₦128,000
  C) ₦136,000
  D) ₦144,000
  Show Answer
  The correct answer is B .