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 601: Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership? Options:
  A) ₦33,333
  B) ₦40,000
  C) ₦44,444
  D) ₦50,000
  Show Answer
  The correct answer is A .
• Question 602: The financial position of an organization at a particular time can be ascertained from the Options:
  A) statement of sources and application of funds
  B) statement of retained earnings
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is C .
• Question 603: When shares are issued at a discount, entries are to debit Options:
  A) application allotment account and credit discount accoun
  B) discount account and credit
  C) cash account and credit discount account
  D) discount account and credit bank account
  Show Answer
  The correct answer is A .
• Question 604:

  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 605:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 606: Which of the following accounting records are source documents? Options:
  A) Journal and ledgers
  B) Sales invoice and cash book
  C) Cash book and debit note
  D) sales invoice and debit note
  Show Answer
  The correct answer is D .
• Question 607:

  Given: N

  Direct material - 10 000

  Direct labour - 5000

  Direct expenses - 2000

  Factory overhead - 4000

  What is the prime cost?

  Options:
  A) ₦21 000
  B) ₦17 000
  C) ₦15 000
  D) ₦6 000
  Show Answer
  The correct answer is B .
• Question 608: Which of the following events increases a corporation's shareholders equity? Options:
  A) Donation of shares out of the corporation's own stock to the corporation
  B) The corporation's purchase of treasury stock
  C) Shares of previously subscribed stock issue to subscribing stockholders
  D) A municipality donation of land to the corporation
  Show Answer
  The correct answer is A .
• Question 609: The balancing figure in the purchases ledger control account is? Options:
  A) ₦15,828
  B) ₦15,720
  C) ₦14,940
  D) ₦14,694
  Show Answer
  The correct answer is D .
• Question 610: A dividend of 10% in a company on 500 000 ordinary shares of ₦1 nominal value has been declared, How much will a shareholder receive if he has 200 shares? Options:
  A) ₦500 000
  B) ₦50 000
  C) ₦200
  D) ₦20
  Show Answer
  The correct answer is D .