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 211: The most important reason for studying accounting is that Options:
  A) the information provided by accounting is useful in making decision
  B) Accounting plays an important role in the society
  C) the study of Accounting leads to challeging career
  D) Accounting provides gross profit information
  Show Answer
  The correct answer is A .
• Question 212: The profit of a branch is usually credited to the Options:
  A) adjustment account
  B) head office sales
  C) head office goods account
  D) head office current account
  Show Answer
  The correct answer is C .
• Question 213:

  Given;

  Purchases = ₦20,000
  Sales = ₦40,000
  Carriage inwards = ₦5,000
  Carriage outwards = ₦5,000
  Opening stock = ₦10,000
  Closing stock = ₦5,000

  What is the cost of goods sold?

  Options:
  A) ₦30,000
  B) ₦25,000
  C) ₦20,000
  D) ₦15,000
  Show Answer
  The correct answer is A .
• Question 214:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .
• Question 215: In a trial balance, income and liabilities are? Options:
  A) debited and credited respectively
  B) credited
  C) credited and debited respectively
  D) debited
  Show Answer
  The correct answer is B .
• Question 216:

  Use the information below to answer the 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 company consumed raw materials worth?

  Options:
  A) ₦54 600
  B) ₦56 000
  C) ₦57 400
  D) 59 500
  Show Answer
  The correct answer is A .
• Question 217:

  1. The amount of the imprest is the same from one organization to another

  11.At the end of a fixed period, the petty cashier received a fixed sum of money.

  111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

  1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

  Options:
  A) 1, 11 and 111
  B) 1, 111 and 1V
  C) 11 and 1V
  D) 111 and 1V
  Show Answer
  The correct answer is C .
• Question 218:

  Use the information below to answer the question.

  Materials consumed...................₦16,600
  Direct cost..........................₦5,400
  Factory rent.........................₦2,300
  Factory lighting.....................₦1,200

  Cost of production to be transferred at cost plus 20% mark-up.

  The gross profit on manufacture is

  Options:
  A) ₦6,120
  B) ₦6,100
  C) ₦5,100
  D) ₦5,000
  Show Answer
  The correct answer is C .
• Question 219:

  

  Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.

  Determine the closing stock

  Options:
  A) ₦20 000
  B) ₦30, 000
  C) ₦40 000
  D) ₦50,000
  Show Answer
  The correct answer is C .
• Question 220: The term fiscal compliance means? Options:
  A) al financial and related laws and regulations are adhered to
  B) only the budget fir the current period is complied with and no deficits allowed
  C) all physical assets requirements have been met
  D) fiscal planning is necessary for proper accountabilit in the public sector
  Show Answer
  The correct answer is A .