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 1201:

  

  Subscriptions received are always put at 125% of the total donations received and refreshment sales.

  Compute the subscriptions received.

  Options:
  A) ₦30000
  B) ₦28000
  C) ₦24000
  D) ₦20000
  Show Answer
  The correct answer is D .
• Question 1202: Cash discount is often recorded on? Options:
  A) the debit side of the cash book
  B) the credit side of the cash book
  C) the folio column of the cash book
  D) both credit and debit side of the cash book
  Show Answer
  The correct answer is D .
• Question 1203:

  

  What is the net profit made by department S?

  Options:
  A) ₦3,600
  B) N,3000
  C) ₦2,400
  D) ₦2,000
  Show Answer
  The correct answer is C .
• Question 1204: One basic assumption of the double entry theory is that it allows? Options:
  A) two credit entries at the same time
  B) two debit entries at the same time
  C) debit and credit two credit entries at the same time
  D) debit and credit two credit entries in corresponding account
  Show Answer
  The correct answer is D .
• Question 1205:

  A general journal contains?

  Options:
  A) date, narration, folio, debit, and credit
  B) date, narration, folio, debit and purchase
  C) folio, credit, date, debit and sales
  D) debit, credit, narration, date and discount
  Show Answer
  The correct answer is A .
• Question 1206: After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within? Options:
  A) 60 days
  B) 30 days
  C) 120 days
  D) 90 days
  Show Answer
  The correct answer is B .
• Question 1207: In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called? Options:
  A) fund accounting
  B) commitment accounting
  C) cash accounting
  D) accrual accounting
  Show Answer
  The correct answer is C .
• Question 1208: What is the effect of transaction when cash is paid into the bank Options:
  A) Bank balance decrease and cash balance increase
  B) bank balance decrease and cash balance decrease
  C) cash balance increase and bank balance increase
  D) cash balance decrease and bank balance increase
  Show Answer
  The correct answer is D .
• Question 1209: Which of the following entries is effected by a department when goods are charged to it at selling prices? Options:
  A) stock account is debited
  B) purchases account is debited
  C) stock account is credited
  D) mark-up account is debited
  Show Answer
  The correct answer is B .
• Question 1210:

  Given: N

  Direct material - 10 000

  Direct labour - 5000

  Direct expenses - 2000

  Factory overhead - 4000

  What is the prime cost?

  Options:
  A) ₦21 000
  B) ₦17 000
  C) ₦15 000
  D) ₦6 000
  Show Answer
  The correct answer is B .