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 301:

  Use the information below to answer the question

  Direct labour...................₦50 000
  Beginning work-in-progress......₦4 000
  Raw materials used..............₦18 000
  Indirect labour.................₦4 000
  Ending finished goods...........₦16 000
  Ending work-in-progress.........₦9 000
  Factory supplies used...........₦7 000
  Selling expenses................₦25 000
  Beginning finished goods........₦21 000
  Other factory overheads.........₦19 000

  Calculate the prime cost.

  Options:
  A) ₦50 000
  B) ₦68 000
  C) ₦70 000
  D) ₦75 000
  Show Answer
  The correct answer is B .
• Question 302:

  	₦
  Debtors opening	4000
  Debtors closing	1500
  Cash received from debtors	8500
  Bad debts written off	350
  Discount allowed	500
  Discount received	1000

  What is the amount of sales for the year?

  Options:
  A) ₦6850
  B) ₦6650
  C) ₦3850
  D) ₦1550
  Show Answer
  The correct answer is A .
• Question 303:

  Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share

  Application and allotment 45k

  1st call 50k

  2nd call 55kDetermine the amount received on final call.

  Options:
  A) #225,000
  B) #236,250
  C) #247,500
  D) #202,500
  Show Answer
  The correct answer is C .
• Question 304: The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of Options:
  A) goods available for sale
  B) goods sold
  C) goods manufactured
  D) materials put into production
  Show Answer
  The correct answer is C .
• Question 305: Ordinary shareholders received dividend before? Options:
  A) creditors
  B) debtors
  C) preference shareholders
  D) deferred shareholders
  Show Answer
  The correct answer is D .
• Question 306:

  One of the major features of book keeping is that it

  Options:
  A) is futuristic in nature
  B) accepts responsibility for all wrong postings
  C) provides permanent records for all financial transactions
  D) does not give room for double entry procedure
  Show Answer
  The correct answer is C .
• Question 307:

  Use the information to answer this question

  Payment to creditors ₦12,250

  Creditors at start ₦550

  Creditors at end ₦830

  What is the amount of purchase

  Options:
  A) ₦11,970
  B) ₦11,000
  C) ₦1,250
  D) ₦12,053
  Show Answer
  The correct answer is C .
• Question 308: The main advantage of a departmental account is that its Options:
  A) expenses are shared
  B) gross profit is computed
  C) net profit is computed
  D) balance sheet is obtained
  Show Answer
  The correct answer is A .
• Question 309:

  Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.

  This concept is called?

  Options:
  A) entity
  B) materiality
  C) realization
  D) accrual
  Show Answer
  The correct answer is B .
• Question 310: What type of stock valuation would a vegetable seller adopt in valuing it's product? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Weighted average
  Show Answer
  The correct answer is B .