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 conventional sources of public revenue includes? Options:
  A) loans,taxation, foreign reserves and dividends
  B) interest, royalties, taxation and loans
  C) crude oil, interest, posted price and taxation
  D) taxtion, deficit budgeting, royalties and loans
  Show Answer
  The correct answer is B .
• Question 402:

  $\begin{array}{cccc}\text{Capital}& 12,700& \text{Purchases}& 7,100\\ \text{Debtors}& 400& \text{Stationery}& 1,900\\ \text{Sales}& 2,400& \text{Wages}& 1,230\end{array}$

  Determine the closing balance of the cash book?

  Options:
  A) ₦655 credit
  B) ₦655 debit
  C) ₦130 credit
  D) ₦130 debit
  Show Answer
  The correct answer is B .
• Question 403: Which of the following methods gives a conservative closing stock value during a period of rising prices? Options:
  A) LIFO
  B) FIFO
  C) Simple average
  D) Periodic simple average
  Show Answer
  The correct answer is A .
• Question 404:

  Which of these is not a subsidiary books?

  Options:
  A) sales day book
  B) purchase day book
  C) credit note
  D) return inward day book
  Show Answer
  The correct answer is C .
• Question 405: A basic unifying concept in accounting implies that? Options:
  A) where creditors'account is zero, the assets are equal to the owners' equity
  B) there should be a balance in the creditors' account in order to measure total assets
  C) revenues should be supported by invested and owners'capital
  D) total assets can be less than liabilities and equity
  Show Answer
  The correct answer is A .
• Question 406: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .
• Question 407:

  The standing order is a payment instruction given by a

  Options:
  A) customer to a fellow customer
  B) bank to an employee
  C) customer to the bank
  D) bank to the customers
  Show Answer
  The correct answer is C .
• Question 408:

  Use the information below to answer questions .Stock of material 1/1..............₦10 000

  Purchase of raw material...........₦160 000

  Manufacturing wages................₦420 000

  Royalties..........................₦3 000

  Stock of raw materials 31/12.......₦14 000Calculate the prime cost?

  Options:
  A) ₦597000
  B) ₦579000
  C) ₦576000
  D) ₦5967000
  Show Answer
  The correct answer is B .
• Question 409:

  The rules of double entry states that

  Options:
  A) for every debit entry, there must be a corresponding debit entry
  B) for every credit entry, there must be a corresponding credit entry
  C) all transactions must be recorded in two accounts, one account is debited and another is credited
  D) all transaction must be credited
  Show Answer
  The correct answer is C .
• Question 410: Use the information below to answer this questionSegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000Determine the closing capital 31/12/2014 Options:
  A) 17,500
  B) 38,200
  C) 20,700
  D) 27,200
  Show Answer
  The correct answer is C .