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 11:

  From the following, determine the value of closing stock using:

  Feb 1 purchased 200 units @ ₦2.00 each

  Feb 3 purchased 100 units @ ₦1.00 each

  Feb 4 issued 120 units @ ₦5.00 each

  Feb 5 purchased 50 units @ ₦3.00 each

  Feb 6 issued 100 units @ ₦4.00 each

  Options:
  A) 330
  B) 420
  C) 230
  D) 320
  Show Answer
  The correct answer is C .
• Question 12: 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 .
• Question 13:

  Motor: ₦10 000
  Fixtures: ₦5 000
  Cash: ₦2 500
  Creditors: ₦7 000
  Loan: ?

  LOAN IS 30% OF CREDITORS.

  What is the capital balance?

  Options:
  A) ₦1000
  B) ₦2 100
  C) ₦900
  D) ₦1200
  Show Answer
  The correct answer is B .
• Question 14: The accumulation fund of a non-trading concern can equally be referred to as? Options:
  A) members' equity
  B) share capital
  C) general fund
  D) surplus fund
  Show Answer
  The correct answer is A .
• Question 15: If a sole proprietorship is purchased for cash, then? Options:
  A) the purchaser debits his business purchase account with the consideration he pays
  B) all assets and liabilities must be bought
  C) goodwill results where value of assets
  D) the vendor debits his business purchase account with the considerstion he receives
  Show Answer
  The correct answer is A .
• Question 16:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Calculate the price per unit of closing stock using the periodic weighted average method.

  Options:
  A) ₦3.20
  B) ₦3.00
  C) ₦2.20
  D) ₦2.00
  Show Answer
  The correct answer is D .
• Question 17: One of the advantage of the shortcomings of single entry procedures is that? Options:
  A) a trial balance is not available
  B) profits are overestimated
  C) there are no subsidiary books
  D) there are no control accounts
  Show Answer
  The correct answer is A .
• Question 18:

  Given:

  Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards

  ₦ 1,600 650 695 726 1,235 829 350 612 2,900

  Determine the total factory overhead cost

  Options:
  A) ₦4,485
  B) ₦6,085
  C) ₦6,556
  D) ₦5,256
  Show Answer
  The correct answer is D .
• Question 19: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 20: The founders of a company are? Options:
  A) promoters
  B) shareholders
  C) canvassers
  D) stakeholders
  Show Answer
  The correct answer is A .