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 631:

  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 632: The process of allocating the cost of an intangible assets over its useful life is known as Options:
  A) depreciation
  B) extraction
  C) depletion
  D) amortization
  Show Answer
  The correct answer is A .
• Question 633: Which of the following errors will affect the trial balance total? Options:
  A) posting disscount allowed to the debit side of the discount allowed account
  B) omision of one account from the list when extracting from the ledger
  C) failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiiary ledger
  D) omission of sales of ₦3,000 and purchases of ₦2,000
  Show Answer
  The correct answer is D .
• Question 634: A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a Options:
  A) original entry
  B) contra entry
  C) prime entry
  D) contract entry
  Show Answer
  The correct answer is B .
• Question 635: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .
• Question 636:

  Use the information to answer this question

  Payment to creditors ₦12,250

  Creditors at start ₦550

  Creditors at end ₦830

  What is the amount of purchase

  Options:
  A) ₦11,970
  B) ₦11,000
  C) ₦1,250
  D) ₦12,053
  Show Answer
  The correct answer is C .
• Question 637: The excess revenue over expenditure is charged to Options:
  A) profit and loss
  B) revenue account
  C) accumulated fund
  D) income and expenditure acccount
  Show Answer
  The correct answer is C .
• Question 638: The chief accounting officer of a local government is the? Options:
  A) Chairman
  B) Treasurer
  C) Director of personnel
  D) Auditor
  Show Answer
  The correct answer is A .
• Question 639: The account where the profit are distributed to the partner in their profit sharing ratio in partnership Options:
  A) trading account
  B) appropriation account
  C) balance sheet
  D) profit and loss account
  Show Answer
  The correct answer is B .
• Question 640: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit? Options:
  A) cash account and credit realization account
  B) rassets account and credit realization account
  C) realization account and credit realization account
  D) assets account and credit cash account
  Show Answer
  The correct answer is A .