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 method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .
• Question 2:

  The cost price method is applicable when_____

  Options:
  A) Goods are sold at specific prices
  B) goods are perishable
  C) goods attract different gross profit percentage
  D) to disclose gross profit or loss
  Show Answer
  The correct answer is B .
• Question 3: Calls in advance are treated in the balance sheet as? Options:
  A) current asset
  B) current liability
  C) fixed assets
  D) fixed liability
  Show Answer
  The correct answer is B .
• Question 4:

  Capital for a profit making organization is generated through

  Options:
  A) gift
  B) donation
  C) shares
  D) subscription
  Show Answer
  The correct answer is C .
• Question 5:

  The discount column on the left-hand side of cash book represents a discount

  Options:
  A) received from a debtor
  B) allowed to a creditor
  C) allowed to a debtor
  D) received from a creditor
  Show Answer
  The correct answer is C .
• Question 6: Investment at cost of a company is to be disclosed under Options:
  A) trading accounts
  B) profit and loss account
  C) balance sheet
  D) source and application of fund
  Show Answer
  The correct answer is C .
• Question 7: Which of the foloowing is a credit item in creditors ledger control account? Options:
  A) Returns outwards
  B) Discount Received
  C) Bad debts
  D) Purchases
  Show Answer
  The correct answer is D .
• Question 8: A debit in the suspense accounting will appear in the balance sheet as? Options:
  A) a current asset
  B) a current lability
  C) capital
  D) drawings
  Show Answer
  The correct answer is A .
• Question 9: Where partnership is converted into a limited liability company, current account balances of partners are transferred to a Options:
  A) realization account
  B) savings account
  C) share capital account
  D) capital account
  Show Answer
  The correct answer is A .
• Question 10: A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of Options:
  A) classifying accounts in the ledger
  B) testing arithmetical accuracies of the ledger account balances
  C) identifying the balance sheet items
  D) providing a basis for establishing the accountant's competence
  Show Answer
  The correct answer is B .