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 1021:

  A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. ₦10,000 worth of goods was not sold at the end of the accounting period.

  How much is the unrealized profit?

  Options:
  A) ₦2000
  B) ₦2500
  C) 12000
  D) 12500
  Show Answer
  The correct answer is A .
• Question 1022: Which of the following items is a capital expenditure? Options:
  A) Maintenance of office machine
  B) Purchase of office stationery
  C) Carriage inwards
  D) Purchase of office machinery
  Show Answer
  The correct answer is D .
• Question 1023:

  Lawal and co makes blocks and sell to builders.

  In computing prime cost, which of the following costs would be considered appropriate?

  Options:
  A) Cement, sand and carriage outwards
  B) Water carriage inwards and cement
  C) Sales boys'wages, cement and sand
  D) Carriage outwards,carriage inwards and cement
  Show Answer
  The correct answer is A .
• Question 1024:

  Which of these will not appear in the preparation of control account.

  I. Bad debts

  II. Discounts

  III. Returns

  IV. Provision for bad debts

  Options:
  A) I only
  B) II and III
  C) I and III only
  D) IV only
  Show Answer
  The correct answer is D .
• Question 1025: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 1026:

  Given:

  PTF Trial Balance [Extract] as at 31 December, 1999

  Dr Cr

  N'000 N '000

  Cash 2,000

  Investments 3,000

  Accounts receivable 6,000 11,000

  Fund balance 11,000 11,000

  Assuming all the investments realized ₦4m, what will be the endig fund balance?

  Options:
  A) ₦8m
  B) ₦11M
  C) ₦12M
  D) ₦15M
  Show Answer
  The correct answer is C .
• Question 1027: Costs that vary in proportion to the level of production in a manufacturing environment are known as? Options:
  A) control costs
  B) overheads
  C) direct costs
  D) indirect costs
  Show Answer
  The correct answer is C .
• Question 1028: Which of the following is a debit item in the purchases ledger control account. Options:
  A) Balance b/d
  B) Cheque dishonoured
  C) Purchases
  D) Balance c/d
  Show Answer
  The correct answer is D .
• Question 1029:

  Income and Expenditure account is the same as the --------- of a sole trader

  Options:
  A) balance sheet
  B) trading account
  C) profit and loss account
  D) cash book
  Show Answer
  The correct answer is C .
• Question 1030:

  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 .