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 two recognised accounting bases are

  Options:
  A) cash and credit
  B) personal and impersonal
  C) Accrual and Cash
  D) Drawings and Private
  Show Answer
  The correct answer is C .
• Question 2: The objective of allocating all costs to producer is to? Options:
  A) produce a scientifically accurate cost
  B) avoid unallocated overhead and compute total accounts
  C) co-odinate the cost and financial accounts
  D) compute the contribution of the product to the final profit
  Show Answer
  The correct answer is D .
• Question 3: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 4: 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 5:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Calculate the price per unit of closing stock using the periodic weighted average method.

  Options:
  A) ₦3.20
  B) ₦3.00
  C) ₦2.20
  D) ₦2.00
  Show Answer
  The correct answer is D .
• Question 6:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  What was the bank balance at the end of the month?

  Options:
  A) ₦7 000
  B) ₦6 500
  C) ₦7 500
  D) ₦9 000
  Show Answer
  The correct answer is B .
• Question 7: Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k (ii) Dividend per share 30k (iii) Par value of each share ₦1.20 (iv) Market price per share ₦1.50What will be the price earnings ratio of the company? Options:
  A) 3.91
  B) 3.19
  C) 2.95
  D) 2.55
  Show Answer
  The correct answer is B .
• Question 8: Given that the balance as per cash book after adjustment was ₦6315, nu-presented cheques ₦1000 and the bank statement balance ₦3240. What was the balance of the nu-credited cheques? Options:
  A) ₦4075
  B) ₦4240
  C) ₦3315
  D) ₦3075
  Show Answer
  The correct answer is A .
• 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: A major benefit derived from the reconciliation of branch and head office books is to? Options:
  A) determine accurate returns by the branch
  B) ascertian the correct profit or loss on branch activities
  C) enable the branch to keep control over stock
  D) enable the branch to ascertain debtor's balance
  Show Answer
  The correct answer is A .