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 981: Given: capital ₦13,000; office machinery, ₦9,000; creditors ₦900, stock of goods ₦1,550; debtors, ₦275; cash at bank, ₦5,075 and loan from Jumbo, ₦2,000. What is the balance sheet total? Options:
  A) ₦19,500
  B) ₦18,500
  C) ₦17,900
  D) ₦15,900
  Show Answer
  The correct answer is D .
• Question 982: In an incomplete record system a trading account cannot be prepared until the? Options:
  A) day book has been balanced
  B) amount of personal drawings has been established
  C) cash book has been balanced
  D) amount os sales and purchases has been established
  Show Answer
  The correct answer is D .
• Question 983:

  Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002.

  1500 ordinary shares were fully subscribed for and their monies received as below:On application .........................₦0.40

  On allotment ...........................₦0.20

  First call (including premium of₦0.50)..₦0.70What is the balance of the ordinary share capital account after the first call was received?

  Options:
  A) ₦300
  B) ₦1050
  C) ₦1200
  D) 1950
  Show Answer
  The correct answer is C .
• Question 984: Discounts granted branch customers are treated as a debit to branch? Options:
  A) stock account and a credit to branch debtors'account
  B) discount account and a credit to branch bank account
  C) stock account and a credit to branch bank account
  D) discount account and a credit to branch debtors' account
  Show Answer
  The correct answer is D .
• Question 985:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  The profit realized from the trade is?

  Options:
  A) ₦4 069
  B) ₦1 817
  C) ₦1 440
  D) ₦1 328
  Show Answer
  The correct answer is A .
• Question 986:

  Given:

  N N

  Capital 200,000 total assets 210,000

  Liabilities 10,000

  210,000 210,000

  If the business is purchased at a price including a goodwill of ₦20,000, what must have been the purchas price?

  Options:
  A) ₦190,000
  B) ₦210,000
  C) ₦220,000
  D) ₦230,000
  Show Answer
  The correct answer is D .
• Question 987: Use the information below to answer questions Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares? Options:
  A) ₦20,000
  B) ₦18,000
  C) ₦15,000
  D) ₦12,000
  Show Answer
  The correct answer is A .
• Question 988: A business organization prepares departmental account in order to Options:
  A) asertian the contribution of each department to the organization
  B) ascertain interdepartmental transfer
  C) build other branches
  D) know the number of departments in the organization
  Show Answer
  The correct answer is A .
• Question 989: Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s accumulated fund? Options:
  A) ₦699, 000
  B) ₦641, 000
  C) ₦402, 000
  D) ₦605, 000
  Show Answer
  The correct answer is A .
• Question 990: When a bill is negotiated to a bank, it is said be? Options:
  A) surrendered
  B) cashed
  C) discounted
  D) accepted
  Show Answer
  The correct answer is C .