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 1:

  Stock or raw materials(1st January) 3000

  Direct wages 2500
  Direct expenses 1000
  Factory overheads 2000
  Cost of raw materials used 5500
  Stock of finished goods (31st December) 2000

  The cost of goods manufactured is?

  Options:
  A) ₦11000
  B) ₦12000
  C) ₦14000
  D) ₦9000
  Show Answer
  The correct answer is A .
• Question 2: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 3: The double principle of accounting was developed by? Options:
  A) Frank Wood
  B) Luca Pacioli
  C) Akintola Williams
  D) William Pickles
  Show Answer
  The correct answer is B .
• Question 4:

  Use the information below to answer this question

  The partnership agreement between Abba, Baba and Kaka contains the following provision:

  (i) 5% interest to be paid on capital and no interest to be charged on drawings
  (ii) Profits and losses to be shared in the ratio 3:2:1 respectively
  (iii) net profit as at 31/12/95 ₦2,250.

  .................Abba......Baba.......Kake
  Capital..........5000......4000......3000
  Current account...250......100.......175
  Salary............300......300.......---
  Drawings..........600......500........250

  Current account balance of Kaka at the end of the year will be

  Options:
  A) ₦250
  B) ₦350
  C) ₦175
  D) ₦325
  Show Answer
  The correct answer is A .
• Question 5: The account of government into which all monies are received and from which all expenditures are disbursed is the Options:
  A) Federation account
  B) Petroleum Technology Development Fund
  C) Central Bank Account
  D) Development fund
  Show Answer
  The correct answer is A .
• Question 6: The accounting entry to record the premium on goodwill is to debit? Options:
  A) cash and credit old partners' capital
  B) goddwill and credit revaluation
  C) assets and credit capital
  D) capital and credit assets
  Show Answer
  The correct answer is B .
• Question 7: Costs that vary in proportion to the level of production in a manufacturing environment are known as? Options:
  A) control costs
  B) overheads
  C) direct costs
  D) indirect costs
  Show Answer
  The correct answer is C .
• Question 8: If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made? Options:
  A) #4,500
  B) #8,550
  C) #9,000
  D) #9,450
  Show Answer
  The correct answer is B .
• Question 9: The most appropriate basis for apportioning inventory holding cost among departments is to use the value of? Options:
  A) purchases
  B) opening stock
  C) closing stock
  D) average stock
  Show Answer
  The correct answer is B .
• Question 10: Which of the following categories of labour cost will be classified as direct? Options:
  A) accountant's salary
  B) factory workers' salary
  C) managing director's salary
  D) cashier's salary
  Show Answer
  The correct answer is B .