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 251: A receipt is an evidence of Options:
  A) payments
  B) stocking
  C) delivery
  D) discounts
  Show Answer
  The correct answer is A .
• Question 252: In a manufacturing company, the total cost of goods produced is equivalent to? Options:
  A) purchases
  B) sales
  C) cost of goods sold
  D) cost of materials used
  Show Answer
  The correct answer is A .
• Question 253: The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is Options:
  A) cost
  B) prudence
  C) consistency
  D) entity
  Show Answer
  The correct answer is D .
• Question 254:

  Use the information below to answer question i) Stock of goods

  Ii) Furniture

  Iii)Creditors

  Iv) Cash at bank

  Options:
  A) iii and v
  B) ii and i
  C) iv and v
  D) i and iv
  E) Loan from the bankFind the current assets?
  Show Answer
  The correct answer is D .
• Question 255:

  A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.

  If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?

  Options:
  A) N4,000
  B) N7,000
  C) N11,000
  D) N24,000
  Show Answer
  The correct answer is A .
• Question 256:

  $\begin{array}{cccc}\text{Capital}& 12,700& \text{Purchases}& 7,100\\ \text{Debtors}& 400& \text{Stationery}& 1,900\\ \text{Sales}& 2,400& \text{Wages}& 1,230\end{array}$

  Determine the closing balance of the cash book?

  Options:
  A) ₦655 credit
  B) ₦655 debit
  C) ₦130 credit
  D) ₦130 debit
  Show Answer
  The correct answer is B .
• Question 257: what is the gross profit margin? Options:
  A) ₦100%
  B) ₦50%
  C) ₦40%
  D) ₦30%
  Show Answer
  The correct answer is B .
• Question 258: The major function of accounting bodies in Nigeria is to? Options:
  A) provide proper financial management of businesses
  B) provide good remuneration to the members
  C) promote the ethics of the profession
  D) show the dynamic nature of the profession
  Show Answer
  The correct answer is C .
• Question 259: Prime cost is one of the following Options:
  A) expenses which can be identified with an allocated to cost centers
  B) aggregate direct material cost, direct labour cost and variable direct expenses
  C) the cost taken into account in the production process whether direct or indirect
  D) the cost of commodities supply to an undertaking
  Show Answer
  The correct answer is B .
• Question 260: The process of reconciling cheques between banks is termed cheque? Options:
  A) clearing
  B) truncation
  C) holding
  D) confirmation
  Show Answer
  The correct answer is A .