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: The corresponding entry of personal accounts found in the debit side of the cash is to Options:
  A) credit real accounts
  B) debit real accounts
  C) credit the ledger
  D) debit the ledger
  Show Answer
  The correct answer is C .
• Question 1002: Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? Options:
  A) a book value of ₦14 per share
  B) a book value of ₦20 per share
  C) a deficit of ₦420,000
  D) retained earnings of ₦600,000
  Show Answer
  The correct answer is B .
• Question 1003: Verifiability in accounting is only possible when there are? Options:
  A) minutes of meetings
  B) payment vouchers
  C) source documents
  D) audit certificates
  Show Answer
  The correct answer is C .
• Question 1004:

  	₦
  Manufacturing wages	42000
  Factory rent	880
  Raw materials: Stock 1/1/16	1000
  Purchases	16000
  Stock 31/12/16	1400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  The prime cost is

  Options:
  A) ₦57,900
  B) ₦42,000
  C) ₦45,000
  D) ₦78,200
  Show Answer
  The correct answer is A .
• Question 1005: The cost method of charging goods to branch is used where? Options:
  A) branch stock adjustment account is in use
  B) the retention of branch trading account is in addition to the cost of goods sold
  C) goods are sent without invoice or any source documents
  D) goods are of a perishable nature on which a pre-determined price is inapplicable
  Show Answer
  The correct answer is A .
• Question 1006: The end result of governmental accounting procedure is to Options:
  A) keep proper records of government expenditures
  B) give financial information to the public and investors
  C) produce timely and accurate financial reports for legislators and the public
  D) give information on the performance of public enterprises
  Show Answer
  The correct answer is A .
• Question 1007:

  Given:
  Lankoh Company Ltd
  ₦
  Stock 3,600,000
  Cash at hand 800,000
  Cash in bank 2,400,000
  Debtors 580,000
  Trade creditors 920,000
  Bank overdraft 200,000
  Tax liabilities 600,000
  Salary owed to staff 180,000

  What is the working capital?

  Options:
  A) ₦5,480,000
  B) ₦6,480,000
  C) ₦8,480,000
  D) ₦7,380,000
  Show Answer
  The correct answer is A .
• Question 1008: Accountant-general of the federation is responsible for Options:
  A) the general supervision of all auditing personnel in all the ministeries
  B) the compilation of annual financial statement
  C) the interpretation of rules and regulations affecting the private sectors
  D) ensuring the efficient operation of the ministries
  Show Answer
  The correct answer is B .
• Question 1009:

  

  Given:

  Determine the balance

  Options:
  A) 415,000 debit
  B) 215,000 credit
  C) 215,000 debit
  D) 315,000 credit
  Show Answer
  The correct answer is C .
• Question 1010:

  Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.

  A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

  Options:
  A) ₦760,000
  B) ₦744,800
  C) ₦744,000
  D) ₦784,000
  Show Answer
  The correct answer is C .