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:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 12: What does liquidity ratio measure? Options:
  A) measures operating efficiency of a company
  B) measures the ability of a company to meet its current obligations.
  C) measures the value of investments of a company
  D) measures the financial leverage of a company
  Show Answer
  The correct answer is B .
• Question 13: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 14:

  The two recognised accounting bases are

  Options:
  A) cash and credit
  B) personal and impersonal
  C) Accrual and Cash
  D) Drawings and Private
  Show Answer
  The correct answer is C .
• Question 15:

  Given:

  Direct material ₦2,500

  Direct labour ₦5,000

  Direct expenses ₦1,000

  Overhead expenses ₦1,500

  From the data above, compute the prime cost?

  Options:
  A) ₦8,500
  B) ₦7,500
  C) ₦6,500
  D) 6,000
  Show Answer
  The correct answer is A .
• Question 16: The balance on the provision for depreciation account is? Options:
  A) added to fixed assets on the balance sheet
  B) deducted from the fixed assets on the balance sheet
  C) deducted from the profitand loss account
  D) added to current liabilities of the account
  Show Answer
  The correct answer is B .
• Question 17:

  Given Dept A Dept B

  Floor space 40m² 60m²

  Machine hours 1200 1400

  Turnover ₦36 million ₦64 million

  Labour hours 1000 1400

  A joint cost of ₦72 million incurred by the two departments was apportioned ₦30 million to A and ₦42 million to B. the basis used for apportionment must have been

  Options:
  A) labour hours
  B) floor space
  C) turnover
  D) machine hours
  Show Answer
  The correct answer is A .
• Question 18: The not-for-profit-making organizations generate their income mainly from? Options:
  A) bar sales
  B) subcriptions
  C) rents
  D) pools
  Show Answer
  The correct answer is B .
• Question 19: One major advantage of ledger is that it Options:
  A) is a book of original entry
  B) is only accessible to share holders during liquidation
  C) removes the need for preparing a balance sheet after each transaction
  D) can be used by any type of business
  Show Answer
  The correct answer is D .
• Question 20:

  Use the information below to answer this question

  Capital..................N............N........

  Land and building.......18470........24000....

  Mortgage on premises...................11090...

  Drawings...............3000...................

  Profit and loss........................3600...

  Furniture and fittings...5120.................

  Motor Vehicles...........3462................

  Closing Stock............3000................

  Debtors..................11474...............

  Creditors..............................7354.

  Cash.....................1518................

  ..........................46044.........46044

  Calculate the value of fixed assets

  Options:
  A) ₦15 992
  B) ₦18 470
  C) ₦27 000
  D) ₦27 052
  Show Answer
  The correct answer is D .