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 811:

  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 812: A company has 5% debentures worth ₦500 000 ordinary share capital ₦2 000 000, and preference shares ₦1500 000. if the company made a profit of ₦1 000 000, the debenture interest would amount to Options:
  A) ₦1 000 000
  B) ₦500 000
  C) ₦50 000
  D) ₦25 000
  Show Answer
  The correct answer is D .
• Question 813:

  

  The quick ratio is

  Options:
  A) 1:2
  B) 1:3:1
  C) 1.7:1
  D) 3:1
  Show Answer
  The correct answer is B .
• Question 814: When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at Options:
  A) a price above or below the stipulated price
  B) any price but not below the transfer price
  C) cost price
  D) a price that is equal to the mark-up
  Show Answer
  The correct answer is A .
• Question 815:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Stock}& 11,250\\ \text{Debtors}& 18,750\\ \text{Creditors}& 3,750\\ \text{Bank}& 4,000\\ \text{Net profit}& 7,500\\ \text{Net}& 60,000\end{array}$

  Determine the debtors collection period.

  Options:
  A) 114 days
  B) 68 days
  C) 37 days
  D) 41 days
  Show Answer
  The correct answer is A .
• Question 816:

  An evidence of payment issued to a government ministry by a revenue collector is

  Options:
  A) treasury card
  B) payment voucher
  C) treasury receipt
  D) receipt voucher
  Show Answer
  The correct answer is D .
• Question 817: Which method of pricing can be used satisfactorily in either rising or falling price situation? Options:
  A) Market price
  B) Average method
  C) FIFO
  D) Standard price
  Show Answer
  The correct answer is B .
• Question 818:

  Shares are said to be authorized when they are

  Options:
  A) paid -up
  B) called up
  C) offered for sale
  D) subscribed
  Show Answer
  The correct answer is C .
• Question 819: The historical development of accounting reveals that it? Options:
  A) deals with debit and credit of items
  B) is a product of financial development
  C) is a product of its own evironmnent
  D) is an ideal subject for finacial development
  Show Answer
  The correct answer is A .
• Question 820: The amount required to replenish the payments made from the imprest was? Options:
  A) ₦399
  B) ₦394
  C) ₦358
  D) ₦101
  Show Answer
  The correct answer is B .