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 721:

  Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

  Use the details above to answer the following question.

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) N20,000
  B) N30,000
  C) N34,000
  D) N36,000
  Show Answer
  The correct answer is D .
• Question 722: A basic unifying concept in accounting implies that? Options:
  A) where creditors'account is zero, the assets are equal to the owners' equity
  B) there should be a balance in the creditors' account in order to measure total assets
  C) revenues should be supported by invested and owners'capital
  D) total assets can be less than liabilities and equity
  Show Answer
  The correct answer is A .
• Question 723:

  Use the information below to answer the question:

  Direct labour...................₦50 000
  Beginning work-in-progress......₦4 000
  Raw materials used..............₦18 000
  Indirect labour.................₦4 000
  Ending finished goods...........₦16 000
  Ending work-in-progress.........₦9 000
  Factory supplies used...........₦7 000
  Selling expenses................₦25 000
  Beginning finished goods........₦21 000
  Other factory overheads.........₦19 000

  What is the cost of goods manufactured?

  Options:
  A) ₦117 000
  B) ₦104 000
  C) ₦97 000
  D) ₦93 000
  Show Answer
  The correct answer is D .
• Question 724:

  The issued share capital is the number of shares that are

  Options:
  A) shared among the directors
  B) authorised by the shareholders
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is B .
• Question 725: When expenses are paid on behalf of the venture, the accounting entries is to debit Options:
  A) bank account and credit joint venture account
  B) expenses account and credit bank account
  C) joint venture account and credit expenses account
  D) joint venture account and credit bank account
  Show Answer
  The correct answer is D .
• Question 726:

  Given:

  Cash book balance- #5000

  Dishonored cheque- #1000

  Direct credit - ₦800

  Direct debit - ₦500The adjusted cash book balance is

  Options:
  A) #6,300
  B) #4,300
  C) #3,700
  D) #2,700
  Show Answer
  The correct answer is A .
• Question 727:

  The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

  Options:
  A) Bonus
  B) Good will
  C) Premium
  D) Commission
  Show Answer
  The correct answer is B .
• Question 728:

  Appropriation Account

  Kudu Wale

  Interest on capital 750 550

  Salaries 800 600

  Share of profits 3,300 3,300

  Determine the net profit of the partnership.

  Options:
  A) ₦9,300
  B) ₦6,600
  C) ₦4,850
  D) ₦4,450
  Show Answer
  The correct answer is A .
• Question 729:

  

  What is the balance of the bank account shown above?

  Options:
  A) ₦88 500 debit
  B) ₦88 500 credit
  C) ₦59 410 credit
  D) ₦59 410 debit
  Show Answer
  The correct answer is C .
• Question 730: The accounting entries to record a cheque issued by a business is to Options:
  A) debit cash book and credit drawer
  B) credit cash book and debit drawer
  C) debit cash book and credit suspense account
  D) credit cash book and debit suspense account
  Show Answer
  The correct answer is B .