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:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 2:

  Use the information above to answer questions 19 and 20.July 30 Closing stock 100 units at ₦90

  July 8 Purchased 200 units at ₦95

  July 10 Sold 160 units

  July 17 Returned 80 faulty units purchased at ₦95

  July 18 Purchased 200 units at ₦105

  July 20 Sold 180 units

  July 28 Purchased 200 units at ₦110

  July 29 Sold 120 units

  July 30 Sold 100 unitsHow many units were at hand as at July 30?

  Options:
  A) 80
  B) 100
  C) 60
  D) 160
  Show Answer
  The correct answer is C .
• Question 3: In a cash book, the opening balance was ₦7,600, closing balance ₦9,200 and the total cash received during the period was ₦18,000. What was the amount of cash paid out during the period? Options:
  A) ₦8,900
  B) ₦9,800
  C) ₦14,600
  D) ₦16,400
  Show Answer
  The correct answer is D .
• Question 4: Akirika bought a motor van for his business by cash. The entries are to debit Options:
  A) motor van and credit Akirika
  B) sales and credit Akrika
  C) motor van and credit cash
  D) cash and credit motor van
  Show Answer
  The correct answer is C .
• Question 5:

  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 6:

  

  The depreciation to be charged to department T is

  Options:
  A) ₦300
  B) ₦400
  C) ₦500
  D) ₦600
  Show Answer
  The correct answer is B .
• Question 7: A government accounting systems must make sure that Options:
  A) revenue exceeds expenditure
  B) all applicable legal provisions are complied with
  C) capital expenditure is equal to revenue
  D) capital project fund is tied to recurrent expenditure
  Show Answer
  The correct answer is B .
• Question 8: Replacement and renewal of fixed assets are? Options:
  A) revenue receipt
  B) capital receipt
  C) capital expenditure
  D) revenue expenditure
  Show Answer
  The correct answer is C .
• Question 9: An instrument which allows public officers to increase expenditure within a year is Options:
  A) statutory allocation
  B) supplementary budget
  C) virement
  D) warrant
  Show Answer
  The correct answer is B .
• Question 10: Which of the following signs general warrant for the release of money from the consolidated revenue fund? Options:
  A) Minister of Finance
  B) Chairman, Economic Advisory Committee
  C) Permanent secretary
  D) Minister of Economic Planning
  Show Answer
  The correct answer is A .