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 1311: The estimated profit or loss for a period is calculated by Options:
  A) closing capital less opening capital add drawings
  B) opening capital less closing capital add drawings
  C) opening capital less drawings add closing capital
  D) opening capital add closing add drawings
  Show Answer
  The correct answer is A .
• Question 1312:

  Given:

  ................Cash Book........................

  Capital..........₦6 500........purchases.....₦12 250

  Sales............₦30 000........Rent..........₦9 100

  ................................Motor vehicle.₦2 400

  Find the bank balance?

  Options:
  A) ₦71 250 credit
  B) ₦71 250 debit
  C) ₦95 000 credit
  D) ₦95 000 debit
  Show Answer
  The correct answer is A .
• Question 1313: Which of these is a content of a master file? Options:
  A) All records relevant to the organisation.
  B) Records of assets of the organisation
  C) A collection of data items
  D) All records relating to employees
  Show Answer
  The correct answer is A .
• Question 1314:

  

  Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

  Options:
  A) ₦5200
  B) ₦3000
  C) ₦2800
  D) ₦2500
  Show Answer
  The correct answer is D .
• Question 1315: What type of stock valuation would a vegetable seller adopt in valuing it's product? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is B .
• Question 1316: Books of original entry are used for Options:
  A) recording business transactions
  B) the adjustment of accounts
  C) reminding the book keeping to post transactions in the ledger
  D) informing the bookkeeper about the state of affairs
  Show Answer
  The correct answer is A .
• Question 1317: A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a? Options:
  A) bad debt
  B) trade discount
  C) premium
  D) cash discount
  Show Answer
  The correct answer is B .
• Question 1318:

  	₦
  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 1319:

  Shares are said to be authorized when they are

  Options:
  A) paid -up
  B) called up
  C) offered for sale
  D) subscribed
  Show Answer
  The correct answer is C .
• Question 1320: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .