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 161:

  The importance of bank statement is all except

  Options:
  A) verifies the accuracy of balances of cash book and cheque book
  B) helps to detect and rectify any error
  C) helps to debit an account
  D) helps to update the cash book
  Show Answer
  The correct answer is C .
• Question 162: The stock valuation data is important because it enables management to? Options:
  A) separate debtors from creditors
  B) determine the cost of stock at the end of business
  C) determine the cost of stock at the beginning of business
  D) determine the total cost of goods purchased
  Show Answer
  The correct answer is B .
• Question 163: The factory cost of producing goods is made up of Options:
  A) prime cost and factory overhead
  B) prime cost and office overhead
  C) raw materials consumed and fixed cost
  D) Raw materials and administrative overhead
  Show Answer
  The correct answer is A .
• Question 164:

  Given:

  Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.

  The retained profit in the Appropriation account is

  Options:
  A) ₦55,570
  B) ₦36,320
  C) ₦50,000
  D) ₦30,000
  Show Answer
  The correct answer is B .
• Question 165: The accuracy of journalist is checked by? Options:
  A) ensuring that debit totals equal credit totals
  B) posting all journal entries to ledger accounts
  C) adding all figures in the debit column
  D) comparing accounts in the ledger against the journals
  Show Answer
  The correct answer is D .
• Question 166: Provision for bad and double debts in companies final accounts is treated in? Options:
  A) trading account
  B) profit and loss account
  C) fund flow statement
  D) cash flow statement
  Show Answer
  The correct answer is B .
• Question 167:

  $\begin{array}{cc}& \text{N}\\ \text{Debtors opening}& 4000\\ \text{Debtors clsoing}& 1500\\ \text{Cash received from debtors}& 8500\\ \text{Bad debts written off}& 350\\ \text{Discount allowed}& 500\\ \text{Discount Received}& 1000\end{array}$

  What is the amount of sales of sales for the year?

  Options:
  A) ₦3850
  B) ₦6650
  C) ₦1550
  D) ₦6850
  Show Answer
  The correct answer is D .
• Question 168: Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s accumulated fund? Options:
  A) ₦699, 000
  B) ₦641, 000
  C) ₦402, 000
  D) ₦605, 000
  Show Answer
  The correct answer is A .
• Question 169:

  Use the information below to answer questions.

  Entrance fees.........................₦1200

  Subscriptions(including ₦850 arrears).₦4310

  Donations received....................₦1500

  Proceeds from sales...................₦2300

  Total payments........................₦8200

  Depreciation..........................₦2100

  Closing cash balance..................₦1110

  The club deposited 200% of the closing cash balance in he bank during the period.

  Calculate the total figure for the receipt and payments account?

  Options:
  A) ₦11 410
  B) ₦13 630
  C) ₦9 310
  D) ₦11 530
  Show Answer
  The correct answer is D .
• Question 170: Which of the following is accounted for in receipts and payments account? Options:
  A) Accrued expenses on annual dances
  B) Subscriptions due but not yet received
  C) interest on bank deposit
  D) Depreciation of the club house
  Show Answer
  The correct answer is C .