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 321:

  Total production cost- #360,000

  Factory overhead cost- #56,000

  Selling price per unit- # 120

  Production volume 4000 unitsDetermine the value of prime cost

  Options:
  A) #416,000
  B) #304,000
  C) #240,000
  D) #184,000
  Show Answer
  The correct answer is B .
• Question 322: Which of the following is the capital reserve of a company? Options:
  A) Accumulated depreciation
  B) Retained profit
  C) Share premium
  D) Loss on forfeited shares
  Show Answer
  The correct answer is B .
• Question 323: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 324: Accounting information is used by investors and creditors of a company to predict Options:
  A) future cash flows of the company
  B) future tax payments of the company
  C) potential merger candidates for the company
  D) appropriate remunerations for the company's staff
  Show Answer
  The correct answer is A .
• Question 325:

  Use the information below to answer the question:

  Debtors.................................₦20

  Provision for bad debts..................10%

  Provision for discount on debtors........5%

  Determine the amount provided for discount allowed on debtors

  Options:
  A) ₦1000
  B) ₦3000
  C) ₦900
  D) ₦1500
  Show Answer
  The correct answer is A .
• Question 326:

  Which of the following is not charged to manufacturing account?

  Options:
  A) raw materials
  B) factory wages
  C) direct expenses
  D) distribution expenses
  Show Answer
  The correct answer is D .
• Question 327:

  Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

  Options:
  A) monetary
  B) cost
  C) conservatism
  D) historical
  Show Answer
  The correct answer is C .
• Question 328: In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called? Options:
  A) fund accounting
  B) commitment accounting
  C) cash accounting
  D) accrual accounting
  Show Answer
  The correct answer is C .
• Question 329: On Ist January, 1993, lobo Company purchased equipment for ₦18,000. it uses straight-line depreciation and estimates an eight-year useful life and a ₦2,000 salvage value. On 31st December, 1996, it sells the equipment for ₦80,0000. In recording this sales, it should reflect? Options:
  A) ₦10,000 loss
  B) ₦2,000 loss
  C) ₦6,000 gain
  D) ₦8,000 gain
  Show Answer
  The correct answer is C .
• Question 330:

  The accounting system in which only one aspect of transaction is recorded is

  Options:
  A) single entry
  B) single column cash book
  C) original entry
  D) double entry
  Show Answer
  The correct answer is A .