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: 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 12: 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 13:

  2/3 Purchases 900 books at #1,000 each

  4/3 Purchases 590 books at ₦950 each

  15/3 Sales 300 books at #900 eachDetermine the cost of goods sold using FIFO

  Options:
  A) #285,000
  B) #300,000
  C) #570,000
  D) #600,000
  Show Answer
  The correct answer is B .
• Question 14: An increase in government expenditure within a year is taken care of by means of? Options:
  A) financial regulations
  B) virement
  C) warrant
  D) supplementary estimate
  Show Answer
  The correct answer is D .
• Question 15:

  	N
  sales	20,000
  cost of sales	10,000
  operating expenses	2,500
  expenses prepaid included in operating expenses	500

  Use the information above to answer the following question. 

  What is the gross profit margin?

  Options:
  A) 100%
  B) 50%
  C) 40%
  D) 30%
  Show Answer
  The correct answer is B .
• Question 16: Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.Determine the amount received on application and allotment Options:
  A) ₦224,950
  B) ₦225,000
  C) ₦324,950
  D) ₦325,000
  Show Answer
  The correct answer is B .
• Question 17:

  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 18:

  Given:

  Club ₦150

  Cash sales ₦4,850

  Club debtors at close ₦900

  Cash received from debtors ₦550What is the amount of club sales?

  Options:
  A) ₦6,150
  B) ₦4,850
  C) ₦4,650
  D) ₦1,300
  Show Answer
  The correct answer is A .
• Question 19: The type of expense charged against administration of a firm is the? Options:
  A) repairs on building
  B) interesr paid on loan
  C) discount allowed
  D) tax expense
  Show Answer
  The correct answer is A .
• Question 20: The process of bookkeeping includes records produced from? Options:
  A) ledgers
  B) source documents
  C) minutes of meeting
  D) imtuitive reasoning
  Show Answer
  The correct answer is C .