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 351: A debit in the suspense accounting will appear in the balance sheet as? Options:
  A) a current asset
  B) a current lability
  C) capital
  D) drawings
  Show Answer
  The correct answer is A .
• Question 352: Erroneous rearrangement of financial figures such as writing ₦624 as ₦264 is called Options:
  A) transposition
  B) principle
  C) commission
  D) omission
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  The correct answer is A .
• Question 353: One of the advantage of the shortcomings of single entry procedures is that? Options:
  A) a trial balance is not available
  B) profits are overestimated
  C) there are no subsidiary books
  D) there are no control accounts
  Show Answer
  The correct answer is A .
• Question 354:

  	₦
  Manufacturing wages	42,000
  Factory rent	880
  Raw materials: Stock 1/1/16	1,000
  Purchases	16,000
  Stock 31/12/16	1,400
  Depreciation of Plants and Machinery	800
  Royalties	300
  Indirect wages	18,000
  General indirect expenses	620

  Calculate the cost of raw materials consumed

  Options:
  A) ₦15,600
  B) ₦17,000
  C) ₦42,000
  D) ₦20,300
  Show Answer
  The correct answer is A .
• Question 355:

  Given:

  Sales ............................₦195,200
  Stock 1st January.................₦34,000
  Purchases ........................₦126,000
  Sales returns ....................₦1,200
  Purchases returns ................₦2,000

  If the gross profit is ₦66,000, what is the value of stock at 31st December?

  Options:
  A) ₦30,000
  B) ₦40,000
  C) 50,000
  D) ₦20,000
  Show Answer
  The correct answer is A .
• Question 356: An evidence of payment issued to a government ministry by a revenue collector is Options:
  A) treasury receipt
  B) receipt voucher
  C) payment voucher
  D) treasury card
  Show Answer
  The correct answer is B .
• Question 357: The Auditor General of the Federation can be removed by the? Options:
  A) National Assembly
  B) Chief Justice
  C) The president
  D) Head of Service
  Show Answer
  The correct answer is C .
• Question 358: the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as? Options:
  A) a cash acount
  B) a balance sheet
  C) an income account
  D) an expenses account
  Show Answer
  The correct answer is B .
• Question 359: Work-in-progress is the? Options:
  A) value of party finished goods
  B) value of finished goods sold
  C) sales less cost of goods sold
  D) value of goods produced
  Show Answer
  The correct answer is A .
• Question 360:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .