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 461:

  The following appears in the trading account except

  Options:
  A) carriage inward
  B) opening stock
  C) carriage outward
  D) sales
  Show Answer
  The correct answer is C .
• Question 462: What is the figure for purchases? Options:
  A) ₦2,400
  B) ₦2,500
  C) ₦4,200
  D) ₦5,200
  E) No option indicated
  Show Answer
  The correct answer is E .
• Question 463:

  A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

  What is N's share of the expense?

  Options:
  A) ₦10 000
  B) ₦15 000
  C) ₦18 000
  D) ₦20 000
  Show Answer
  The correct answer is B .
• Question 464: Which of the following is the capital reserve of a company? Options:
  A) Accumulated depreciation
  B) Retained profit
  C) Share premium
  D) Loss on forfeited shares
  Show Answer
  The correct answer is B .
• Question 465:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .
• Question 466:

  Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

  Use the details above to answer the following question.

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) N20,000
  B) N30,000
  C) N34,000
  D) N36,000
  Show Answer
  The correct answer is D .
• Question 467:

  Use the information below to answer the question

  Jide and Haruna contribute ₦12000 each as capital and share profit equally. Jide draws ₦1500 and Haruna ₦1700 half-yearly. The profit for the year is ₦10000. Jide receives a salary of ₦2000.

  The balances of current accounts of Jide and Haruna are respectively?

  Options:
  A) ₦6000 and ₦5000
  B) ₦3000 and ₦3400
  C) ₦4000 and ₦4000
  D) ₦3000 and ₦600
  Show Answer
  The correct answer is D .
• Question 468: The channel through which all government borrowing and domestic lending transactions pass is called? Options:
  A) special trust fund
  B) agency fund
  C) national loan fund
  D) contingency fund
  Show Answer
  The correct answer is D .
• Question 469: Which of the following is a signatory to federal government account? Options:
  A) Auditor-General
  B) Governor of Central Bank
  C) Accountant-General
  D) Persident
  Show Answer
  The correct answer is C .
• Question 470: In a partnership account, conversation of non-cash assets into cash is referred to as? Options:
  A) realization
  B) disposal
  C) dissolution
  D) revaluation
  Show Answer
  The correct answer is A .