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 761:

  Given:

  Total debtors b/d 31/12/99...............₦25 000

  Cheques received from debtors ...........₦255 000

  Total debtors c/d 31/12/00...............₦15 000

  Determine the sales figure?

  Options:
  A) ₦295 000
  B) ₦265 000
  C) ₦245 000
  D) ₦215 000
  Show Answer
  The correct answer is C .
• Question 762:

  Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share

  Application and allotment 45k

  1st call 50k

  2nd call 55kDetermine the amount received on final call.

  Options:
  A) #225,000
  B) #236,250
  C) #247,500
  D) #202,500
  Show Answer
  The correct answer is C .
• Question 763: 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 764: 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 765: The branch expenses paid by the head office is recorded in the books by debiting branch? Options:
  A) bad debt account and crediting branch debtor's account
  B) expenses account and crediting bank account
  C) profit and loss account and crediting branch stock account
  D) discount allowed account and crediting branch debtors' account
  Show Answer
  The correct answer is B .
• Question 766:

  When goods are received from head office, head office will be credited while

  Options:
  A) sales will be debited
  B) requisition will be debited
  C) issue will be debited
  D) purchases will be debited
  Show Answer
  The correct answer is D .
• Question 767:

  Given:

  Prepaid b/f.......................₦10 000

  Cash paid during the year.........₦20 000

  The amount to be charged to the profit and loss account is?

  Options:
  A) ₦30 000
  B) ₦25 000
  C) ₦5 000
  D) 20 000
  Show Answer
  The correct answer is B .
• Question 768:

  Given:Drawings - #3,500

  Net loss - #2,500

  Capital 1/1/2007 - #35,000

  Additional capital - #10,000The adjusted capital as at 31/1/2007 is

  Options:
  A) #35,000
  B) #39,000
  C) #45,000
  D) #46,000
  Show Answer
  The correct answer is C .
• Question 769:

  

  If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?

  Options:
  A) ₦13 000
  B) ₦11 300
  C) ₦10 000
  D) ₦8 000
  Show Answer
  The correct answer is D .
• Question 770:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The closing stock on March 11th by LIFO valuation is

  Options:
  A) ₦4200
  B) ₦2700
  C) ₦4500
  D) ₦3900
  Show Answer
  The correct answer is A .