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 1011: One of the major features of bookkeeping is that it? Options:
  A) provides permanent records for all financial transactions
  B) is futuristic in nature
  C) accpets responsibility for all wrong postings
  D) does not give room for double entry procedures
  Show Answer
  The correct answer is A .
• Question 1012: Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.The transaction would be recorded in the cash book as debit? Options:
  A) cash and credit bank
  B) bank and credit cash
  C) cash and credit cash
  D) bank and credit bank
  Show Answer
  The correct answer is B .
• Question 1013:

  A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

  Options:
  A) Estimate
  B) Depreciation
  C) Asset
  D) Useful Life
  Show Answer
  The correct answer is B .
• Question 1014: The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? Options:
  A) market value of goods produced
  B) prime cost of production
  C) indirect cost of production
  D) goods produced
  Show Answer
  The correct answer is A .
• Question 1015:

  Use the information below to answer the question.

  Beginning inventory............N?
  Purchases......................N?
  Ending inventory...............₦4,800
  Sales..........................₦12,800
  Wages..........................₦1,040
  Gross profit...................₦5,900

  The beginning inventory was estimated at 80% of sales.

  Determine the amount for the beginning inventory.

  Options:
  A) ₦20,140
  B) ₦10,240
  C) ₦8,140
  D) ₦7,240
  Show Answer
  The correct answer is B .
• Question 1016:

  Use the information below to answer the question

  Goods from head office................₦13,400

  Returns to head office ...............₦118

  Rates and insurance paid .............₦188

  Wages paid ...........................₦913

  Cash remitted to head office..........₦16,625

  Stock at 1/1/2000.....................₦1,875

  Rents paid ...........................₦325

  Stock at 31/12/2000 ..................₦1,975

  Sundry expenses ......................₦200

  The profit realized from the trade is?

  Options:
  A) ₦4 069
  B) ₦1 817
  C) ₦1 440
  D) ₦1 328
  Show Answer
  The correct answer is A .
• Question 1017: Payment for shares in excess of amount offered gives rise to Options:
  A) subscription in advance
  B) revenue reserves
  C) capital reserves
  D) calls-in-advance
  Show Answer
  The correct answer is C .
• Question 1018: A partnership's internal regulations are set out by Options:
  A) a deed
  B) a law
  C) a constitution
  D) an article
  Show Answer
  The correct answer is A .
• Question 1019:

  If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

  Options:
  A) Cash account
  B) purchase account
  C) goodwill account
  D) sales account
  Show Answer
  The correct answer is C .
• Question 1020: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .