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: The trading account is to a sole trader what income and expenditure account is to a? Options:
  A) partnership
  B) public limited organization
  C) manufacturing organization
  D) non-profit making organization
  Show Answer
  The correct answer is D .
• Question 322:

  Calculate the discount received in Department B:

  $\begin{array}{ccc}& \text{Dept A}& \text{Dept B}\\ & N& \\ \text{Sales}& 250000& 500000\\ \text{Purchases}& 150000& 250000\\ \text{Discount received}& 24000& \\ \text{Discount allowed}& 15000& & \end{array}$

  Options:
  A) ₦12,000
  B) ₦15,000
  C) ₦16,000
  D) ₦9,000
  Show Answer
  The correct answer is B .
• Question 323: The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is Options:
  A) periodicity
  B) business entity
  C) dual aspect
  D) going concern
  Show Answer
  The correct answer is D .
• Question 324: Departmentalization of accounts is useful because it shows the? Options:
  A) overall performance of a firm
  B) price per unit of a product
  C) cost per unit of a product
  D) overall performance of a division
  Show Answer
  The correct answer is D .
• Question 325:

  

  What is the stock valuation method used?

  Options:
  A) Last In First Out
  B) First In First Out
  C) Average Cost
  D) Weighted Average
  Show Answer
  The correct answer is A .
• Question 326: Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed? Options:
  A) Error of commission
  B) Error of reversal of entries
  C) Error of principle
  D) Compensating error
  Show Answer
  The correct answer is C .
• Question 327: Which of these is the main source document for recording cash paid into bank? Options:
  A) invoice
  B) cheque book
  C) credit note
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 328: The details of the share capital which a company is authorized to issue is contained in the Options:
  A) Articles of Association
  B) Companies and Allied Matters Act
  C) Memorandum of Association
  D) Share capitak certificate
  Show Answer
  The correct answer is C .
• Question 329:

  Given:

  Prime cost ₦220,000
  Factory cost ₦32,000
  Work in progress at beginning ₦25,000
  Work in progress at close ₦19,000
  Administrative expenses ₦21,000

  Determine the production cost

  Options:
  A) ₦296,000
  B) ₦277,000
  C) ₦258,000
  D) ₦246,000
  Show Answer
  The correct answer is C .
• Question 330:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .