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 741:

  Use the information below to answer questions

  Subscription received during the year ₦30,000

  Subscription owed last year ₦4,000

  Subscription received for next year ₦6,000

  The ₦6,000 subscription received is?

  Options:
  A) current asset
  B) current liability
  C) fixed asset
  D) capital
  Show Answer
  The correct answer is B .
• Question 742:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905The value of the current assets will be

  Options:
  A) #10,361
  B) #10,651
  C) #17,396
  D) #17,848
  Show Answer
  The correct answer is B .
• Question 743:

  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 744:

  1/1/2010 31/12/2010

  Creditors - #9,000 #9,800

  Rent owing - #3,800 #2,500

  Rates prepaid - #2,000 #3,500

  Motor van - #8,000 #8,000

  Premises - #10,000 #10,500

  Calculate the closing capital

  Options:
  A) #8,700
  B) #9,500
  C) #9,700
  D) #10,700
  Show Answer
  The correct answer is C .
• Question 745: The rule of accounting equation requires that account payable should be placed under? Options:
  A) liabilities
  B) equities
  C) assets
  D) capital
  Show Answer
  The correct answer is A .
• Question 746: Which of the following is the capital reserve of a company Options:
  A) Share premium
  B) Retained profit
  C) Accumulated depreciation
  D) Loss on forfeited shares
  Show Answer
  The correct answer is A .
• Question 747: Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed? Options:
  A) Error of commission
  B) Error of reversal of entries
  C) Error of principle
  D) Compensating error
  Show Answer
  The correct answer is C .
• Question 748: Accrual concept stipulates that? Options:
  A) revenue should be recognized when it is earned
  B) costs should be recognized when the expenditure is paid
  C) revenue should be recognized only when cash is paid
  D) costs should be recognized when the are incurred
  Show Answer
  The correct answer is A .
• Question 749: Use the information below to answer this questionSegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000Determine the closing capital 31/12/2014 Options:
  A) 17,500
  B) 38,200
  C) 20,700
  D) 27,200
  Show Answer
  The correct answer is C .
• Question 750:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  The yearly depreciation using the straight line method would be? Options:
  A) ₦5,200
  B) ₦6,500
  C) ₦8,800
  D) ₦4,400
  Show Answer
  The correct answer is A .