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 31: In order to make the cash book balance equal to the bank statement, it is usual to add? Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charges
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 32: When a purchase business is revalued, the effect is that? Options:
  A) a decrease in the value of asset has no effect on value of goodwill
  B) an increase in the value of asset is treated as an increase in the value of goodwill
  C) a decrease in the value of asset is treated as an decrease in the value of goodwil
  D) an increase in the value of asset is treated as an decrease in the value of goodwill
  Show Answer
  The correct answer is D .
• Question 33:

  Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

  Options:
  A) entity
  B) accrual
  C) realization
  D) materiality
  Show Answer
  The correct answer is D .
• Question 34: The correct expression of accounting equation is Options:
  A) Assets = Liabilities + Equity
  B) Net assets = Liabilities + Equity
  C) Assets + Liabilities = Equity
  D) Assets = Equity - liabilities
  Show Answer
  The correct answer is A .
• Question 35:

  In manufacturing, depreciation of office machine is charged to

  Options:
  A) trading account
  B) balance sheet
  C) appropriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 36:

  

  What is the value of the authorized share capital?

  Options:
  A) ₦500,000
  B) ₦600,000
  C) ₦750,000
  D) ₦1,200,000
  Show Answer
  The correct answer is C .
• Question 37: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 38:

  Use the information below to answer questions 20 and 21.Jan. 1 Received 1,000 units at ₦10 each

  Jan. 2 Received 2,000 units at ₦12 each

  Jan. 3 Issued 1,500 units

  Jan. 4 Received 1,000 units at ₦11 each

  Jan. 5 Issued 1,000 unitsUsing FIFO method, what is the value of the closing stock?

  Options:
  A) ₦34,000
  B) ₦29,000
  C) ₦17,000
  D) ₦12,000
  Show Answer
  The correct answer is C .
• Question 39:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The closing stock on March 11th by LIFO valuation is

  Options:
  A) ₦4200
  B) ₦2700
  C) ₦4500
  D) ₦3900
  Show Answer
  The correct answer is A .
• Question 40: 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 .