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:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The value of closing stock as at February 14th by simple average method is

  Options:
  A) ₦3900
  B) ₦2500
  C) ₦4100
  D) ₦2700
  Show Answer
  The correct answer is A .
• Question 2:

  Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. 

  Stock at branch 1st January at cost............N400
  Goods sent to branch at cost...................N8000
  Returns to head ...............................N340
  Cash sales ....................................N9160
  Stock at branch 31st December at cost..........N720

  Calculate the cost of goods credited to the head office trading account?

  Options:
  A) ₦7660
  B) ₦7500
  C) ₦7460
  D) ₦7200
  Show Answer
  The correct answer is A .
• Question 3:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 1 would be

  Options:
  A) debit capital and credit cash
  B) credit cash and debit bank
  C) debit cash and credit capital
  D) debit purchases and credit cash
  Show Answer
  The correct answer is C .
• Question 4: The correct expression of accounting equation is Options:
  A) Assets = Liabilities + Equity
  B) Net assets = Liabilities + Equity
  C) Assets + Liabilities = Equity
  D) Assets = Equity - liabilities
  Show Answer
  The correct answer is A .
• Question 5: Partners' share of profit is credited to? Options:
  A) a partner's current account
  B) a partner's capital account
  C) the profit and loss account
  D) the profit and loss appropriation account
  Show Answer
  The correct answer is A .
• Question 6:

  Where there is no agreement made by the partners, the following provisions takes place except

  Options:
  A) No salary for partners acting in the business
  B) There is interest on capital
  C) No interest to be charged on drawings
  D) Profit and loss are to be shared equally
  Show Answer
  The correct answer is B .
• Question 7:

  Use the following information to answer this question

  The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

  	₦	₦
  Sales Less: cost of goods sold		233,000 170,000
  		63,000
  less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
  Net profit		25,000

  What is the Gross Profit on percentage of sale?

  Options:
  A) 2.7%
  B) 0.27%
  C) 27.0%
  D) 29.8%
  Show Answer
  The correct answer is C .
• Question 8:

  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 9:

  Accounting standards are issued at the International level by the

  Options:
  A) Standards Advisory Council
  B) International Accounting Standards Board
  C) Nigerian Accounting Standards Board
  D) Standing Interpretations Committee
  Show Answer
  The correct answer is B .
• Question 10: The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its? Options:
  A) earning per share
  B) redemption price per share
  C) book value per share
  D) call price per share
  Show Answer
  The correct answer is D .