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: Which of the following entries is effected by a department when goods are charged to it at selling prices? Options:
  A) stock account is debited
  B) purchases account is debited
  C) stock account is credited
  D) mark-up account is debited
  Show Answer
  The correct answer is B .
• Question 2:

  Use the information below to this question

  Cost of raw materials consumed 300,600

  Carriage inwards 6,700

  Returns of raw materials 10,800

  Closing stock of raw materials 100,250

  Manufacturing wages 27,000

  Lighting, power, insurance and rent

  Relation to the factory are

  Apportioned 1/3,2/5, 1/6 and 17

  With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

  Options:
  A) ₦418,350
  B) ₦404,950
  C) ₦400,250
  D) ₦398,250
  Show Answer
  The correct answer is B .
• Question 3: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 4:

  A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

  Options:
  A) original entry
  B) contract entry
  C) prime entry
  D) contra entry
  Show Answer
  The correct answer is D .
• Question 5:

  Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate. 

  Options:
  A) conversion
  B) dissolution
  C) merger
  D) absorption
  Show Answer
  The correct answer is C .
• Question 6:

  Which of the following is recorded in the folio column of the journal?

  Options:
  A) particulars of transactions
  B) date of entries
  C) all credit and cash sales transactions
  D) amount of money posted
  Show Answer
  The correct answer is A .
• Question 7: Cash can be drawn from the bank using Options:
  A) a bank teller
  B) a credit card
  C) a recharge card
  D) ATM card
  Show Answer
  The correct answer is D .
• Question 8: In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a? Options:
  A) current assets
  B) current liability
  C) capital
  D) reserve
  Show Answer
  The correct answer is B .
• Question 9:

  Use the following Information to answer this question.

  Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials

  ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000

  Options:
  A) 220,480
  B) 213,480
  C) 200,480
  D) 190,000
  Show Answer
  The correct answer is A .
• Question 10:

  Transactions are recorded or posted to the ledger in line with

  Options:
  A) Accounting Concept
  B) Source document
  C) Double Entry Principle
  D) Data collection
  Show Answer
  The correct answer is C .