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 791: The effect of overstating revenue expenditure in the profit and loss account is that the Options:
  A) opening stock will be increased
  B) net profit will be understand
  C) net profit will be overstead
  D) opening stock will be decreased
  Show Answer
  The correct answer is B .
• Question 792:

  Use the information below to answer questions .Stock of material 1/1..............₦10 000

  Purchase of raw material...........₦160 000

  Manufacturing wages................₦420 000

  Royalties..........................₦3 000

  Stock of raw materials 31/12.......₦14 000What is the cost of raw materials consumed?

  Options:
  A) ₦173 000
  B) ₦170 000
  C) ₦160 000
  D) ₦156 000
  Show Answer
  The correct answer is D .
• Question 793:

  

  The depreciation to be charged to department T is

  Options:
  A) ₦300
  B) ₦400
  C) ₦500
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 794: What is the net working capital? Options:
  A) ₦2,600
  B) ₦1,800
  C) ₦800
  D) ₦600
  Show Answer
  The correct answer is C .
• Question 795: Use the information below to answer questions 43 and 44.

  A company advertised and issued ₦750,000, 12% preference shares of ₦1 each to be issued at ₦1.50 per share. Applications for ₦1,370,000 were received at 30k per share. 70k per share (including premium) was due om 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 were allotment shares on pro-rata basis.

  The share premium account would be?

  Options:
  A) credited with application and allotment ₦187, 500
  B) debited with appllication and allotment ₦375,000
  C) credited with application and allotment ₦375, 000
  D) debited with application and allotment ₦187, 500
  Show Answer
  The correct answer is C .
• Question 796:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 797: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Options:
  A) Unpresented
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 798:

  Which of the following is a common cause of a discrepancy between head office and branch trial office________

  Options:
  A) Stock and repayment
  B) Creditors and cash in transit
  C) Stock and cash in transit
  D) Debtors and cash in transit
  Show Answer
  The correct answer is C .
• Question 799:

  Given:Furniture and fittings..................₦20,000

  Equipment...............................₦15,000

  Bank overdrafts.........................₦6, 500

  Bar creditors...........................₦4,800

  Subscription in arrears.................₦4,700

  Subscription in advance.................₦650What is the accumulated fund?

  Options:
  A) 23,700
  B) 27,750
  C) 29,650
  D) 51,650
  Show Answer
  The correct answer is B .
• Question 800: The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are Options:
  A) sales income
  B) receipt from debtors
  C) fixtures and fittings
  D) rent paid
  Show Answer
  The correct answer is C .