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: The second and final call account was debited with? Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital ₦375,000
  C) bank account ₦187,500
  D) 12% preference share capital account ₦187,500
  Show Answer
  The correct answer is D .
• Question 632: Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s accumulated fund? Options:
  A) ₦699, 000
  B) ₦641, 000
  C) ₦402, 000
  D) ₦605, 000
  Show Answer
  The correct answer is A .
• Question 633:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  What will be the equity of the business?

  Options:
  A) ₦12 800
  B) ₦4900
  C) ₦8200
  D) ₦9500
  Show Answer
  The correct answer is C .
• Question 634:

  Given:

  ...............................Jan.2003.........Dec. 2003
  Provision for bad debt........₦1000
  Debtors..........................................₦20000
  Bad debt to be written off.......................₦2000

  The provision for bad debt stands at 10% of debtors. How much is to be charged to the profit and loss account as provision for bad debt?

  Options:
  A) ₦800
  B) ₦1000
  C) ₦1800
  D) ₦2000
  Show Answer
  The correct answer is D .
• Question 635: Th major feature of an invoice is that, it? Options:
  A) passes information through the sales day book
  B) has cash and bank column
  C) specifies the particular of goods bought
  D) indicates only the cash sales
  Show Answer
  The correct answer is C .
• Question 636: When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added Options:
  A) Unpresented cheque
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 637: The cost that are directly traceable to the the goods being produced is? Options:
  A) party manufactured goods
  B) overhead cost
  C) total factory expenses
  D) prime cost
  Show Answer
  The correct answer is D .
• Question 638: The total cash and cheques received from customers in a control account is derived from the Options:
  A) income and expenditure account
  B) cashbook
  C) purchases day book
  D) sales journal
  Show Answer
  The correct answer is C .
• Question 639: which of the following is source of document for the preparation of debtors' ledger account? Options:
  A) Debit note
  B) General journal
  C) Purchases invoice
  D) Sales invoice
  Show Answer
  The correct answer is D .
• Question 640:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  What is the sales value of department R?

  Options:
  A) ₦7,800
  B) ₦11,700
  C) ₦23,400
  D) ₦35,100
  Show Answer
  The correct answer is A .