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 401: The major point of agreement carried by the partnership deed is? Options:
  A) 5% interest annum on any loan
  B) an oral agreement among the partners
  C) method of inhertance by the partners' children
  D) the profit and loss sharing ratio of the partners
  Show Answer
  The correct answer is D .
• Question 402: The loss made by a non profit making organization is called Options:
  A) deficit
  B) surplus
  C) discount
  D) shortage
  Show Answer
  The correct answer is A .
• Question 403: Accrual concept stipulates that? Options:
  A) revenue should be recognized when it is earned
  B) costs should be recognized when the expenditure is paid
  C) revenue should be recognized only when cash is paid
  D) costs should be recognized when the are incurred
  Show Answer
  The correct answer is A .
• Question 404:

  Given:

  Light expenses...................₦400

  Purchases........................₦3,000

  Sales............................₦1,200

  Creditors........................₦2,250

  Debtors..........................₦50

  Calculate the total of the trial balance?

  Options:
  A) ₦4,250
  B) ₦3,500
  C) ₦4,300
  D) ₦3,450
  Show Answer
  The correct answer is D .
• Question 405:

  Use the information below to answer the question.

  Materials consumed...................₦16,600
  Direct cost..........................₦5,400
  Factory rent.........................₦2,300
  Factory lighting.....................₦1,200

  Cost of production to be transferred at cost plus 20% mark-up.

  The gross profit on manufacture is

  Options:
  A) ₦6,120
  B) ₦6,100
  C) ₦5,100
  D) ₦5,000
  Show Answer
  The correct answer is C .
• Question 406: The tier of government that uses financial memorandum Options:
  A) Federal government
  B) state government
  C) local government
  D) municipal government
  Show Answer
  The correct answer is C .
• Question 407: The accuracy of journalist is checked by? Options:
  A) ensuring that debit totals equal credit totals
  B) posting all journal entries to ledger accounts
  C) adding all figures in the debit column
  D) comparing accounts in the ledger against the journals
  Show Answer
  The correct answer is D .
• Question 408: The major function of accounting bodies in Nigeria is to? Options:
  A) provide proper financial management of businesses
  B) provide good remuneration to the members
  C) promote the ethics of the profession
  D) show the dynamic nature of the profession
  Show Answer
  The correct answer is C .
• Question 409:

  The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

  Options:
  A) ₦700
  B) ₦1050
  C) ₦1750
  D) ₦3500
  Show Answer
  The correct answer is C .
• Question 410:

  Use the information to answer the question.

  ..........................30/9/06.......30/9/07.....

  ............................N.............N.........

  Accrued insurance premium...600...........710.......

  Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

  Options:
  A) ₦1,710
  B) ₦1760
  C) ₦2000
  D) ₦2240
  Show Answer
  The correct answer is D .