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 21: The correct entry to reflect the receipt of cash sent by a branch to a head office is? Options:
  A) debit cash and credit branch current account
  B) debit branch, current account and credit cash
  C) credit branch, debtors and debit cash
  D) credit branch current account and debit branch debtors
  Show Answer
  The correct answer is A .
• Question 22:

  The journal has the following headings except

  Options:
  A) date
  B) debit
  C) discount
  D) credit
  Show Answer
  The correct answer is C .
• Question 23:

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

  The yearly depreciation using the straight line method would be

  Options:
  A) N8,800
  B) N6,500
  C) N5,200
  D) N4,400
  Show Answer
  The correct answer is C .
• Question 24:

  Changes can occur in partnership when:

  I. partnership is dissolved

  Ii. There is amalgamation of partnership

  Iii.There is a change in the profit or loss sharing ratio

  Iv. Intangible asset increase

  Options:
  A) I,II and IV
  B) I & III
  C) I,II and III
  D) I, III and IV
  Show Answer
  The correct answer is C .
• Question 25:

  Use the information below to this question

  Cost of raw materials consumed 300,600

  Carriage inwards 6,700

  Returns of raw materials 10,800

  Closing stock of raw materials 100,250

  Manufacturing wages 27,000

  Lighting, power, insurance and rent

  Relation to the factory are

  Apportioned 1/3,2/5, 1/6 and 17

  With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

  Options:
  A) ₦418,350
  B) ₦404,950
  C) ₦400,250
  D) ₦398,250
  Show Answer
  The correct answer is B .
• Question 26:

  Given:

  1. The Memorandum of Association of the Company

  11.The Article of Association of the Company

  111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

  Options:
  A) 1 and 11
  B) 1, 11 and 111
  C) 1 and 111
  D) 11 and 111
  Show Answer
  The correct answer is B .
• Question 27:

  Discount allowed is enjoyed by

  Options:
  A) managers
  B) customers
  C) staff of the company
  D) suppliers
  Show Answer
  The correct answer is B .
• Question 28:

  Use the information to answer this question

  Date.............Details........................

  Feb........1 Purchased 400 units at ₦1.00 each

  ,, ........5 Purchased 200 units at ₦2.00 each

  ,,.........10 Purchased 200 units at ₦300 each

  ,, .........15 Issued 320 units

  ,,..........20 Issued 200 units at ₦4,00 each

  ,,..........25 Issued 120 units

  Using the periodic simple average method, the cost per unit is

  Options:
  A) ₦4.25
  B) ₦3.25
  C) ₦2.25
  D) ₦1.25
  Show Answer
  The correct answer is C .
• Question 29: The fourth stage of the accounting information system is? Options:
  A) recording
  B) interpreting
  C) summarizing
  D) classifying
  Show Answer
  The correct answer is C .
• Question 30: The two legally recognized professional accounting bodies in Nigeria are the? Options:
  A) Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
  B) Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  C) Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  D) Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
  Show Answer
  The correct answer is C .