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 141: When the debit side total of an account, t means that the account has Options:
  A) been overdrawn
  B) been understand
  C) debit balance
  D) credit balance
  Show Answer
  The correct answer is C .
• Question 142:

  Goods can be charged to branches using any of these pricing methods except

  Options:
  A) cost price
  B) cost plus percentage
  C) selling price
  D) selling plus percentage
  Show Answer
  The correct answer is D .
• Question 143: Where the debit side of the income and expenditure account is higher than the credit side, the difference is a? Options:
  A) deflicit
  B) surplus
  C) gain
  D) loss
  Show Answer
  The correct answer is A .
• Question 144:

  The partners capital are: Modibbo #60,000

  And Jakata #90,000. The partners share

  Profit and losses in the ratio of their capital

  Contributions.

  The net profit for the year is #12,000.What is Jakata's sharing profit?

  Options:
  A) 3:5
  B) 1:2
  C) 2:5
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 145: Receipts and payments accounts is the summary of? Options:
  A) income and expenditure
  B) cash book
  C) balance sheet
  D) profit and loss
  Show Answer
  The correct answer is B .
• Question 146: Cost classification in relation to charges is determined by the level of? Options:
  A) raw materials
  B) labour
  C) activity
  D) profitability
  Show Answer
  The correct answer is C .
• Question 147: The rule of accounting equation requires that account payable should be placed under? Options:
  A) liabilities
  B) equities
  C) assets
  D) capital
  Show Answer
  The correct answer is A .
• Question 148:

  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 149:

  	₦
  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 150:

  

  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 .