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 501:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  What is the cash balance on the debit side if it is the only item omitted?

  Options:
  A) ₦6745
  B) ₦6754
  C) ₦6475
  D) ₦6574
  Show Answer
  The correct answer is C .
• Question 502: Which of these is a capital expenditure warrant? Options:
  A) Provisional general warrant
  B) Development fund general warrant
  C) Reserved expenditure general warrant
  D) Supplementary warrant
  Show Answer
  The correct answer is B .
• Question 503: If the partnership agreement does not specify how net profit is to be divided, the profit should be divided . Options:
  A) equally
  B) in accordance with an established
  C) in proportion of current account balances
  D) in proportion of weighted average of capital
  Show Answer
  The correct answer is A .
• Question 504:

  A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

  Options:
  A) ₦5,120
  B) ₦6,400
  C) ₦8,000
  D) ₦12,500
  Show Answer
  The correct answer is C .
• Question 505:

  A company paid cash in redemption of ₦10,000 debenture.

  The accounting entry to record this will be to debit?

  Options:
  A) cash and credit debenture
  B) debenture and credit cash
  C) cash and credit capital
  D) capital and debit cash
  Show Answer
  The correct answer is B .
• Question 506: The issued share capital is the number of shares that are Options:
  A) authorized by share holders
  B) shared among the directors
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is A .
• Question 507: Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively. The production cost of finished goods is Options:
  A) ₦524,600
  B) n408,600
  C) n381,600
  D) n327,600
  Show Answer
  The correct answer is A .
• Question 508: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .
• Question 509: The tier of government that uses financial memorandum is the? Options:
  A) federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 510:

  Use the information below to answer questions

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  Determine the accumulated fund value.

  Options:
  A) ₦9360
  B) ₦6320
  C) ₦4200
  D) ₦3000
  Show Answer
  The correct answer is D .