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 731: Use the information below to answer question

  A company's authorized share capital was one million ordinary shares at ₦1 each. Issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

  The total amount of money received on application was?

  Options:
  A) ₦560 000
  B) ₦220 000
  C) ₦800 000
  D) ₦1000 000
  Show Answer
  The correct answer is A .
• Question 732:

  Given:

  Cost of raw materials issued to production.....₦37000

  Opening stock of raw material..................₦2000

  Purchases of raw material......................₦3800

  Wages .........................................₦500

  What is the closing stock of raw material?

  Options:
  A) ₦4000
  B) ₦3000
  C) ₦2000
  D) ₦1000
  Show Answer
  The correct answer is B .
• Question 733: A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of Options:
  A) imprest system only
  B) direct purchase by branch
  C) separate accountant for the branch
  D) credit sales by only the headquarters
  Show Answer
  The correct answer is D .
• Question 734: 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 735:

  

  The capital employed is

  Options:
  A) ₦13 000
  B) ₦9 900
  C) ₦8 400
  D) ₦9 000
  Show Answer
  The correct answer is C .
• Question 736: In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the? Options:
  A) revenue and expenditure account
  B) receipts and payments account
  C) profit and loss apporpriation account
  D) profit and loss account
  Show Answer
  The correct answer is D .
• Question 737: If the assets and liabilities of a firm were valued at ₦17,200 and ₦5,120 respectively, the capital of the firm would be? Options:
  A) ₦22 320
  B) ₦17 200
  C) ₦12 080
  D) 5 120
  Show Answer
  The correct answer is C .
• Question 738:

  A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

  Options:
  A) Debit rent account, Credit bank account
  B) Debit Rent account, Credit Samson's account
  C) Debit Bank account, Credit Rent account
  D) Debit Samson's account, Credit Rent account
  Show Answer
  The correct answer is B .
• Question 739: Capital for a profit making organization is generated through Options:
  A) Subscription
  B) shares
  C) donation
  D) gift
  Show Answer
  The correct answer is B .
• Question 740: Which of the following is not a feature of accounting information? Options:
  A) timeliness
  B) accuracy
  C) completeness
  D) affordability
  Show Answer
  The correct answer is D .