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 51: Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance? Options:
  A) Outstanding cheques
  B) Bank service charges
  C) Deposit in the mail not yet received by the bank
  D) Bank error, charging a company for another company's cheque
  Show Answer
  The correct answer is D .
• Question 52: The interest on partners' loans is? Options:
  A) debited in current account
  B) credited in profit and loss account
  C) debited in profit and loss account
  D) credited in current account
  Show Answer
  The correct answer is C .
• Question 53:

  A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued

  What is the nominal value of each share?

  Options:
  A) ₦2
  B) ₦0.80
  C) ₦0.60
  D) ₦0.50
  Show Answer
  The correct answer is D .
• Question 54: The total of the creditors at the beginning of the year was ₦4,600 and at the end of the year ₦5,250. During the year, ₦26,500 was paid to suppliers and ₦130 was received in discounts from these suppliers. The purchases for the year would be Options:
  A) ₦26,630
  B) ₦27,038
  C) ₦27,150
  D) ₦27,280
  Show Answer
  The correct answer is A .
• Question 55:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 56:

  A component of an overhead manufacturing cost is

  Options:
  A) cost of work-in-progress
  B) cost of finished goods
  C) labour
  D) rent
  Show Answer
  The correct answer is D .
• Question 57:

  Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N

  Gross invoice price 15,000

  Sales tax 900

  Purchases discount taken 300

  Freight 750

  Assembly of machine 500

  Installation of machine 800

  Assorted spare parts for future use 1200

  Turing and adjusting machine 700What is the initial accounting cost of the machine?

  Options:
  A) ₦19,550
  B) ₦18,950
  C) ₦18,350
  D) ₦17,500
  Show Answer
  The correct answer is C .
• Question 58:

  Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu's salary of ₦3,000 was made.

  Hamed's share of the profit should be

  Options:
  A) credited to partners' capital account
  B) credited to partners' current account
  C) credited to appropriation account
  D) debited to partners' drawing account
  Show Answer
  The correct answer is B .
• Question 59: A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000The yearly depreciation using the straight line method would be Options:
  A) #8,800
  B) #6,500
  C) #5,200
  D) #4,400
  Show Answer
  The correct answer is C .
• Question 60:

  I Space occupied by each department.

  Ii Average value of stock held by each department.

  Iii Departmental turnover.

  Iv Number of articles sold by each department .

  From the information above, the two most logical bases for apportioning expenses that are common to departments are?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) iii and iv
  Show Answer
  The correct answer is B .