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 1211:

  The prime cost is the total of the

  Options:
  A) direct materials+direct labour+direct wages
  B) production cost+selling expenses
  C) administrative expenses+selling expenses+distribution expenses
  D) direct materials+work overhead expenses
  Show Answer
  The correct answer is A .
• Question 1212:

  Which of the following has the ultimate control of a company?

  Options:
  A) board of directors
  B) employees
  C) shareholders
  D) management
  Show Answer
  The correct answer is C .
• Question 1213:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .
• Question 1214: Subscription in arrears are Options:
  A) Credited to the income and expenditure account and shown as a liability in the balance sheet
  B) debited to the income and expenditure account and shown as an asset in the balance sheet
  C) credited to the income and expenditure account and shown as a liability in the balance sheet
  D) debited to the income and expenditure account and shown as a liability in the balance sheet
  Show Answer
  The correct answer is B .
• Question 1215:

  

  Calculate the cost of goods sold.

  Options:
  A) ₦61 000
  B) ₦58 000
  C) ₦62000
  D) ₦57 000
  Show Answer
  The correct answer is C .
• Question 1216:

  The amount of subscriptions accrued is reported in the balance sheet under

  Options:
  A) fixed cost
  B) current asset
  C) long term liability
  D) current liability
  Show Answer
  The correct answer is B .
• Question 1217: The most convenient cash book used by a petty trader operating in an area where there is no banking facility is? Options:
  A) four column
  B) three column
  C) single column
  D) two column
  Show Answer
  The correct answer is C .
• Question 1218:

  Use the information below to answer the question.

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  The cost of raw materials consumed is

  Options:
  A) ₦17 250
  B) ₦15 750
  C) ₦15 000
  D) ₦14 250
  Show Answer
  The correct answer is D .
• Question 1219: The basic role of accounting is to? Options:
  A) detect fraud
  B) attest to finacial statements
  C) measure performance
  D) protect sharehlders
  Show Answer
  The correct answer is B .
• Question 1220:

  Given:

  Prime cost ₦220,000
  Factory cost ₦32,000
  Work in progress at beginning ₦25,000
  Work in progress at close ₦19,000
  Administrative expenses ₦21,000

  Determine the production cost

  Options:
  A) ₦296,000
  B) ₦277,000
  C) ₦258,000
  D) ₦246,000
  Show Answer
  The correct answer is C .