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: The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- Options:
  A) conversion
  B) control
  C) allocation
  D) analysis
  Show Answer
  The correct answer is B .
• Question 2:

  Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

  Options:
  A) ₦165,000
  B) ₦635,000
  C) ₦600,000
  D) ₦156,000
  Show Answer
  The correct answer is A .
• Question 3: A pension granted to any past president or vice-president shall be charged to the Options:
  A) consolidation revenue fund
  B) special pension fund
  C) contingency fund
  D) development fund
  Show Answer
  The correct answer is B .
• Question 4: What are the appropriate recording procedures for entries in the trial balance? Options:
  A) source documents, ledgers and trial balance
  B) Ledgers, trial balance and source documents
  C) Ledgers, source documents and trial balance
  D) Cash account, ledgers and trial balance
  Show Answer
  The correct answer is A .
• Question 5: Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of ₦40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of Options:
  A) ₦4000
  B) ₦6000
  C) ₦10000
  D) ₦8000
  Show Answer
  The correct answer is D .
• Question 6:

  The principle of double entry system ensures

  Options:
  A) balances at the bank
  B) increase in the assets and liabilities
  C) balance of cashbook
  D) mathematical accuracy in trial balance
  Show Answer
  The correct answer is D .
• Question 7:

  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 8: What type of stock valuation would a vegetable seller adopt in valuing it's product? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is B .
• Question 9: In order to make the cash book balance equal to the bank statement, it is usual to add? Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charges
  D) unpresented cheques
  Show Answer
  The correct answer is D .
• Question 10:

  

  The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal.

  The correct closing balance for Lawal's current account is

  Options:
  A) ₦21 100 debit
  B) ₦14 740 debit
  C) ₦14 740 credit
  D) ₦540 credit
  Show Answer
  The correct answer is C .