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 1061:

  	₦
  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 1062:

  Given:Capital ...........₦1000

  Liabilities........₦500

  Assets.............₦1500

  The accounting equation can be expressed as?

  Options:
  A) ₦1000 + ₦500 + ₦1500 = ₦3000
  B) ₦1000 - ₦500 + ₦1500 = ₦2000
  C) ₦1000 + ₦500 = ₦1500
  D) ₦1500 + ₦500 = ₦2000
  Show Answer
  The correct answer is C .
• Question 1063: Which of the following is a debit item in the sales ledger control account Options:
  A) Cheque reciepts
  B) Dishonoured cheques
  C) Discount allowed
  D) Bills recievable
  Show Answer
  The correct answer is B .
• Question 1064:

  For an incomplete record to provide necessary information, it must be converted to?

  Options:
  A) double entry
  B) single entry
  C) complete records
  D) statement of affairs
  Show Answer
  The correct answer is B .
• Question 1065:

  In company account, dividend payments are effected in which of the following accounts?

  Options:
  A) realization
  B) current
  C) appropriation
  D) capital
  Show Answer
  The correct answer is C .
• Question 1066:

  Use the information below to answer questions

  ........................1/7/2005............30/6/2006

  Drawings.....................................₦3 000

  Capital.................25 000...............₦42 500

  Furniture...............6 500...............₦10 200

  Additional capital during the year amounts to 300% of the drawings.

  What is the amount of the additional capital?

  Options:
  A) ₦900
  B) ₦900 000
  C) ₦90 000
  D) ₦9 000
  Show Answer
  The correct answer is D .
• Question 1067:

  The two legally recognized professional accounting bodies in Nigeria are the

  Options:
  A) Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
  B) Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  Show Answer
  The correct answer is C .
• Question 1068:

  The main objective of accounting report is to provide information about?

  Options:
  A) the efficacy of assets
  B) a company's shareholding
  C) company's economic resources
  D) an entity's management
  Show Answer
  The correct answer is C .
• Question 1069:

  Use the information below to answer question

  Net loss.......................₦2300

  Capital........................₦10500

  Liabilities....................₦7200

  Find the value of the total assets?

  Options:
  A) ₦17 700
  B) ₦10 500
  C) ₦20 000
  D) ₦15 400
  Show Answer
  The correct answer is D .
• Question 1070:

  When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

  Options:
  A) Goodwill account and credit partners capital account
  B) Cash account and credit goodwill account
  C) Goodwill account and credit cash account
  D) Partners capital account and credit goodwill account
  Show Answer
  The correct answer is D .