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:

  Given:

  Sales.....................₦4000

  Light expenses............₦2900

  Rent......................₦1500

  Purchases.................₦7500

  Debtors...................₦6000

  Creditors.................₦29000

  Drawings..................₦25

  Bank......................₦400

  General expenses..........₦1500

  Calculate the total of trial balance?

  Options:
  A) ₦64 300
  B) ₦46 825
  C) ₦41 850
  D) ₦33 325
  Show Answer
  The correct answer is D .
• Question 2:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 3:

  Use the information below to answer questions

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  What is the amount of the additional capital?

  Options:
  A) ₦900
  B) ₦900 000
  C) ₦90 000
  D) ₦9 000
  Show Answer
  The correct answer is D .
• Question 4:

  Use the information below to answer the question

  Statement of assets and liabilities as at 31st December, 2001.

  Shareholders' interest ₦240
  Current liabilities ₦20
  Current assets ₦110
  Fixed assets ₦140

  What is the networking capital?

  Options:
  A) ₦90m
  B) ₦70m
  C) ₦100m
  D) ₦80m
  Show Answer
  The correct answer is A .
• Question 5: The basis of accounting for public sector is Options:
  A) accrual basis
  B) cost basis
  C) revenue basis
  D) cash basis
  Show Answer
  The correct answer is D .
• Question 6: The statement of assets and liabilities in the public sector can be described as the? Options:
  A) income and expenditure accountof government
  B) appropriation account of government
  C) balance sheet of government
  D) funds flow statement of government
  Show Answer
  The correct answer is A .
• Question 7: A basic unifying concept in accounting implies that? Options:
  A) where creditors'account is zero, the assets are equal to the owners' equity
  B) there should be a balance in the creditors' account in order to measure total assets
  C) revenues should be supported by invested and owners'capital
  D) total assets can be less than liabilities and equity
  Show Answer
  The correct answer is A .
• Question 8: In a period of declining price, which of the following methods would result in higher profit? Options:
  A) FIFO
  B) Simple average
  C) LIFO
  D) Weighted average
  Show Answer
  The correct answer is A .
• Question 9: A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt? Options:
  A) manufacturing accounts
  B) consolidated accounts
  C) departmental accounts
  D) joint venture accounts
  Show Answer
  The correct answer is C .
• Question 10:

  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 .