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 231: The purchase of two generators by Hassan Electronics Enterprises should be recorded as? Options:
  A) an acquistion of fixed assets
  B) an expenses in its general office expenses account
  C) an acquistion of stock
  D) a part of capital in the capital account
  Show Answer
  The correct answer is A .
• Question 232: One of the reasons for the existence of the public sector is to? Options:
  A) Take adequate care of the needy
  B) supplement the commerical sector
  C) provide cheap services to all citizens
  D) correct perceived inequalities
  Show Answer
  The correct answer is C .
• Question 233:

  Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.

  In the book of Ibrahim, the entry to record the transaction would be to debit

  Options:
  A) sugar account #12,000 and credit Jide #12,000
  B) Jide #12,000 and credit sales account #12,000
  C) Ibrahim #12,000 and credit Jide #12,000
  D) sugar account #12,000 and credit Ibrahim #12,000
  Show Answer
  The correct answer is B .
• Question 234:

  	₦
  Manufacturing wages	42000
  Factory rent	880
  Raw materials: Stock 1/1/16	1000
  Purchases	16000
  Stock 31/12/16	1400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  The prime cost is

  Options:
  A) ₦57,900
  B) ₦42,000
  C) ₦45,000
  D) ₦78,200
  Show Answer
  The correct answer is A .
• Question 235:

  The manufacturing account is prepared to ascertain

  Options:
  A) cost of goods sold
  B) cost of production
  C) Gross profit
  D) Finished goods
  Show Answer
  The correct answer is B .
• Question 236: Given: capital ₦13,000; office machinery, ₦9,000; creditors ₦900, stock of goods ₦1,550; debtors, ₦275; cash at bank, ₦5,075 and loan from Jumbo, ₦2,000. What is the balance sheet total? Options:
  A) ₦19,500
  B) ₦18,500
  C) ₦17,900
  D) ₦15,900
  Show Answer
  The correct answer is D .
• Question 237:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 238:

  Shares that are offered to existing shareholders at a price is called

  Options:
  A) par
  B) premium
  C) right issue
  D) bonus issue
  Show Answer
  The correct answer is C .
• Question 239:

  

  Calculate the value of credit sales

  Options:
  A) ₦484 000
  B) ₦448000
  C) ₦584 000
  D) ₦558 000
  Show Answer
  The correct answer is C .
• Question 240: Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the? Options:
  A) cash receipts journal
  B) sales journal
  C) general journal
  D) cash disbursement journal.
  Show Answer
  The correct answer is D .