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: What are the appropriate recording procedures for entries in the trial balance? Options:
  A) source documents, ledgers and trial balance
  B) Ledgers, trial balance and source documents
  C) Ledgers, source documents and trial balance
  D) Cash account, ledgers and trial balance
  Show Answer
  The correct answer is A .
• Question 2: When a business incurs labour cost in installing a fixed asset, the cost is treated as Options:
  A) additional cost to the asset
  B) business wages and salaries
  C) installation cost of the asset
  D) business cost of the asset
  Show Answer
  The correct answer is A .
• Question 3:

  The purpose of profit and loss account is to ascertain

  Options:
  A) Gross profit
  B) Capital
  C) Expenses
  D) Net profit
  Show Answer
  The correct answer is D .
• Question 4: Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.The book value of issued share capital is Options:
  A) ₦675,000
  B) ₦975,000
  C) ₦1,350,000
  D) ₦1,950,000
  Show Answer
  The correct answer is D .
• Question 5:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  What was the balance of cash with the petty cashier at the end of period 1?

  Options:
  A) ₦450
  B) ₦300
  C) ₦50
  D) ₦200
  Show Answer
  The correct answer is C .
• Question 6:

  Use the information below to answer the question:

  Debtors.................................₦20

  Provision for bad debts..................10%

  Provision for discount on debtors........5%

  Determine the amount provided for discount allowed on debtors

  Options:
  A) ₦1000
  B) ₦3000
  C) ₦900
  D) ₦1500
  Show Answer
  The correct answer is A .
• Question 7:

  Use the information below to answer the question:

  Direct labour...................₦50 000
  Beginning work-in-progress......₦4 000
  Raw materials used..............₦18 000
  Indirect labour.................₦4 000
  Ending finished goods...........₦16 000
  Ending work-in-progress.........₦9 000
  Factory supplies used...........₦7 000
  Selling expenses................₦25 000
  Beginning finished goods........₦21 000
  Other factory overheads.........₦19 000

  What is the cost of goods manufactured?

  Options:
  A) ₦117 000
  B) ₦104 000
  C) ₦97 000
  D) ₦93 000
  Show Answer
  The correct answer is D .
• Question 8:

  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

  Cost of raw materials consumed is

   

  Options:
  A) ₦53,000
  B) ₦150,000
  C) ₦152,120
  D) ₦148,120
  Show Answer
  The correct answer is C .
• Question 9: The main objective of bookkeeping is to record economic? Options:
  A) transactions systematically for routine managerial decision-making
  B) events clearly to ensure adequate checks and balances
  C) events clearly to facilitate strategic managerial desicion-making
  D) transaction systematically to ascertain the financial position of a business
  Show Answer
  The correct answer is D .
• Question 10:

  Yola Social Club

  Statement of Account 1998 financial year

  31/12/98:

  Subscription in arrears ₦21,000

  Subscription in advance ₦12,000

  Receipt during 1999: Arrears 1998 ₦21,000

  Dues 1999 ₦48,000

  Advance 2000 ₦11,000

  The subscription transferable to the income and expenditure account is?

  Options:
  A) ₦48,000
  B) ₦59,000
  C) ₦60,000
  D) ₦69,000
  Show Answer
  The correct answer is C .