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 1001:

  Use the information below to answer the question that follows,

  A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000.

  If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.? Options:
  A) ₦11,000
  B) ₦7,000
  C) ₦4,000
  D) ₦24,000
  Show Answer
  The correct answer is C .
• Question 1002:

  Cash Book
  	₦		₦
  Capital	2,600	Purchases	15,000
  Sales	28,200	Rent	1,250
  		Motor vehicle	7,600

  Determine the bank balance

  Options:
  A) ₦6,950 credit
  B) ₦6,950 debit
  C) ₦6,000 credit
  D) ₦6,000 debit
  Show Answer
  The correct answer is B .
• Question 1003:

  The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

  Options:
  A) ₦700
  B) ₦1050
  C) ₦1750
  D) ₦3500
  Show Answer
  The correct answer is C .
• Question 1004: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 1005: What will be the number of shares to be issued to a subscriber who applied for 50,000 units. Options:
  A) 20,000
  B) 18,000
  C) 15,000
  D) 12,000
  Show Answer
  The correct answer is A .
• Question 1006: Which of the following accounts for the highest revenue to Nigeria? Options:
  A) Import duties
  B) Personal income tax
  C) Petroleum income tax
  D) Company tax
  Show Answer
  The correct answer is C .
• Question 1007:

  Which of these is not method of stock valuation?

  Options:
  A) FIFO method
  B) Base method
  C) Standard method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 1008: The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit Options:
  A) sales account and credit bank account
  B) purchases and credit bank account
  C) cash and credit freehold
  D) bank and credit freehold
  Show Answer
  The correct answer is B .
• Question 1009: 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 1010: one of the options below is not the source of income for non- profit organization Options:
  A) Entrance fees
  B) subscription/dues
  C) odrinary shares
  D) Donations
  Show Answer
  The correct answer is C .