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:

  Use the information below to answer the question.

  Materials consumed...................₦16,600
  Direct cost..........................₦5,400
  Factory rent.........................₦2,300
  Factory lighting.....................₦1,200

  Cost of production to be transferred at cost plus 20% mark-up.

  The gross profit on manufacture is

  Options:
  A) ₦6,120
  B) ₦6,100
  C) ₦5,100
  D) ₦5,000
  Show Answer
  The correct answer is C .
• Question 1202:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 1203: Cost reports for the intention of management should reflect? Options:
  A) as much details as possible
  B) summary figures only
  C) details of non-controllable expenses
  D) cost and comparable data useful in decision-making
  Show Answer
  The correct answer is D .
• Question 1204:

  	₦		₦
  Bal. b/f	3,250	Bal. b/f.	215
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23,430		23430
  Bal b/d	4740	Bal b/d	230

  Dr. Sales Ledger Control Account . Cr

  The amount ₦16,378.50 described as "Bank" represents

  Options:
  A) receipts from trade debtors only
  B) cash sales for the month including discount
  C) receipts from all debtors of the business
  D) cash sales for the month excluding discount
  Show Answer
  The correct answer is C .
• Question 1205: The cost of goods available for sale is? Options:
  A) ₦4 600
  B) ₦5 000
  C) ₦6 400
  D) ₦4 400
  Show Answer
  The correct answer is D .
• Question 1206: Departmental accounts are prepared to aid the comparison of the? Options:
  A) previous year's transactions
  B) daily profits
  C) workers' performances
  D) management performances
  Show Answer
  The correct answer is C .
• Question 1207:

  The difference between double entry and single entry is

  Options:
  A) double entry is based on the dual concept while single entry is not based on dual concept
  B) double entry is an account while single entry is not an account
  C) double entry keeps personal account while single does not
  D) double entry is useful for business enterprise while single entry is not
  Show Answer
  The correct answer is A .
• Question 1208:

  Use the information to answer this question

  Payment to creditors ₦12,250

  Creditors at start ₦550

  Creditors at end ₦830

  What is the creditors amount in the balance sheet?

  Options:
  A) ₦550
  B) ₦12,250
  C) ₦12,530
  D) ₦830
  Show Answer
  The correct answer is D .
• Question 1209: The balance on a purchase ledger control account represents the? Options:
  A) present amount that a business owes its suppliers at date
  B) total credit avaiable to the end of the year to be utilized in future
  C) total credit the business enjoyed for the particular year from its suppliers
  D) total credit owd the business by its customers
  Show Answer
  The correct answer is A .
• Question 1210: Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as --------------------- Options:
  A) financial accounting
  B) accounting policies
  C) cost accounting
  D) accounting conventions
  Show Answer
  The correct answer is B .