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 201: Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure. Options:
  A) ₦19,650
  B) ₦18,650
  C) ₦17,850
  D) N₦16,850
  Show Answer
  The correct answer is B .
• Question 202:

  The current growth in the volume of trading and financial dealings in Nigeria is helped by

  Options:
  A) increased financial activities
  B) government intervention
  C) credit as a factor in business
  D) payment for goods in cash
  Show Answer
  The correct answer is A .
• Question 203: If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as? Options:
  A) capital receipt
  B) revenue receipt
  C) windfall receipt
  D) miscellaneous receipt
  Show Answer
  The correct answer is A .
• Question 204:

  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 205:

  Which of the following is not charged to manufacturing account?

  Options:
  A) raw materials
  B) factory wages
  C) direct expenses
  D) distribution expenses
  Show Answer
  The correct answer is D .
• Question 206:

  Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

  Aug. 6 Received 20 units at ₦68 each

  Aug. 10 Issued 16 units

  Aug. 20 Received 40 units at ₦80 each

  Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?

  Options:
  A) ₦1280
  B) ₦1184
  C) ₦1024
  D) ₦960
  Show Answer
  The correct answer is A .
• Question 207:

  Use the information below to answer question

  Given: 31/12/98 31/12/99

  Assets: Plant and Mach. ₦1,500 ₦1,200

  Fixtures ₦700 ₦520

  Stock ₦500 ₦600

  Debtors ₦900 ₦400

  Cash ₦200 ₦300

  Liabilities: Creditor ₦500 ₦600

  Loan ₦600 ₦400

  Determine the total fixed assets from the opening balance sheet?

  Options:
  A) ₦2,200
  B) ₦2,020
  C) ₦1,720
  D) ₦2,070
  Show Answer
  The correct answer is B .
• Question 208:

  Use the information below to answer question .

  ...........PQ Manufacturing Company

  Raw materials (1/11/2001)...........₦3 500

  Raw materials (31/12/2001)..........₦4 900

  Purchase of raw materials...........₦56 000

  Salary .............................₦63 000

  Wages...............................₦148 000

  Factory lighting ...................₦3 080

  Plant Depreciation..................₦2 800

  Factory Insurance ..................₦2 170

  The overhead cost is?

  Options:
  A) ₦71 050
  B) ₦68 250
  C) ₦67 970
  D) ₦66 080
  Show Answer
  The correct answer is A .
• Question 209: The objective of departmental account is to Options:
  A) ascertain the amount of profits or losses for the enterprise
  B) ascertain the amount of profits or losses for each department
  C) ascertain the cost of running the organization
  D) offset the loss of each department
  Show Answer
  The correct answer is B .
• Question 210:

  Mini Enterprises Sales Ledger as at 31/12/94

  Read:

  N

  Balance b/f 12750

  Total credit sales 28185

  Payments by debtors 12112

  Discount allowed 638

  Sales returns 1500Prepare the sales ledger control account and determine the balance due from debtors.

  Options:
  A) ₦40,935
  B) ₦27,961
  C) ₦26,685
  D) ₦1,185
  Show Answer
  The correct answer is C .