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 71:

  Changes can occur in partnership when:

  I. partnership is dissolved

  Ii. There is amalgamation of partnership

  Iii.There is a change in the profit or loss sharing ratio

  Iv. Intangible asset increase

  Options:
  A) I,II and IV
  B) I & III
  C) I,II and III
  D) I, III and IV
  Show Answer
  The correct answer is C .
• Question 72:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Calculate the price per unit of closing stock using the periodic weighted average method.

  Options:
  A) ₦3.20
  B) ₦3.00
  C) ₦2.20
  D) ₦2.00
  Show Answer
  The correct answer is D .
• Question 73: The two legally recognized professional accounting bodies in Nigeria are the? Options:
  A) Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
  B) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
  Show Answer
  The correct answer is C .
• Question 74:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 75:

  Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of ₦60,000 is distributed on the basis of direct labour hours.

  Compute the overhead rate?

  Options:
  A) ₦12 per hour
  B) ₦16 per hour
  C) ₦10 per hour
  D) ₦15 per hour
  Show Answer
  The correct answer is C .
• Question 76:

  Use the information below to answer this question

  A company advertised and issued 750,000, 12% preference shares of N1 each to be issued₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

  The second final call account was debited with

  Options:
  A) ordinary share capital account ₦187,500
  B) 12% preference share capital account ₦187,500
  C) 12% preference share capital ₦375,000
  D) bank account ₦187,500
  Show Answer
  The correct answer is B .
• Question 77: The capital of not-for-profit-making organization is referred to as? Options:
  A) entity fund
  B) capital owned
  C) accumulated fund
  D) capital employed
  Show Answer
  The correct answer is C .
• Question 78: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .
• Question 79: Which of the following branches of accounting was first developed? Options:
  A) Cost accounting
  B) Financial acounting
  C) Management accounting
  D) Petroleum accounting
  Show Answer
  The correct answer is B .
• Question 80:

  	₦
  Manufacturing wages	42000
  Factory rent	880
  Raw materials: Stock 1/1/16	1000
  Purchases	16000
  Stock 31/12/16	1400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  The prime cost is

  Options:
  A) ₦57,900
  B) ₦42,000
  C) ₦45,000
  D) ₦78,200
  Show Answer
  The correct answer is A .