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 451: A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a Options:
  A) original entry
  B) contra entry
  C) prime entry
  D) contract entry
  Show Answer
  The correct answer is B .
• Question 452: An item in the balance sheet of a limited liability company is Options:
  A) accrued expenses
  B) lighting and heating
  C) salaries and wages
  D) general expenses
  Show Answer
  The correct answer is A .
• Question 453:

  $\begin{array}{ccc}& \text{Dept A}& \text{Dept B}\\ & N& \\ \text{Sales}& 250000& 150,000\\ \text{Purchases}& 500,000& 250000\\ \text{Discount received}& 24000& \\ \text{Discount allowed}& 15000& & \end{array}$

  Determine the discount allowed by Department A.

  Options:
  A) ₦15,000
  B) ₦19,375
  C) ₦15,625
  D) ₦18,000
  Show Answer
  The correct answer is A .
• Question 454:

  Use the information below to answer this question:

  $\begin{array}{cc}\text{Raw materials Jan.}& 5,000\\ \text{Raw materials Dec.}& 5,800\\ \text{Purchase of raw materials}& 45,000\\ \text{Salary}& 61,000\\ \text{Factory lubricant}& 2,050\\ \text{plant depreciation}& 1,300\\ \text{Factory insurance}& 1,250\end{array}$

  The prime cost for the company is

  Options:
  A) ₦169, 200
  B) ₦44, 200
  C) ₦55, 800
  D) ₦230, 200
  Show Answer
  The correct answer is A .
• Question 455:

  Which of the following is found on the credit side of a profit and loss account?

  Options:
  A) advertising
  B) dividend received
  C) wages and salaries
  D) bank charges
  Show Answer
  The correct answer is B .
• Question 456:

  Use the information below to answer question i) Stock of goods

  Ii) Furniture

  Iii)Creditors

  Iv) Cash at bank

  Options:
  A) iii and v
  B) ii and i
  C) iv and v
  D) i and iv
  E) Loan from the bankFind the current assets?
  Show Answer
  The correct answer is D .
• Question 457: Processed data is only useful to user if it is Options:
  A) complex
  B) quantitative
  C) relevant
  D) qualitative
  Show Answer
  The correct answer is C .
• Question 458: If Mr. Ajasin paid his creditors ₦5000 out of ₦20 000 owed, what would be the effect of this transaction on the accounting equation? Options:
  A) A decraese in the total asssets by ₦5000
  B) An incraese in the total liabilities and owners' equity by by ₦15 000
  C) An increase in the total assets by ₦15 000
  D) A decrease in owners' equuity by ₦5000
  Show Answer
  The correct answer is A .
• Question 459:

  Yola Social Club

  Statement of Account 1998 financial year

  31/12/98:

  Subscription in arrears ₦21,000

  Subscription in advance ₦12,000

  Receipt during 1999: Arrears 1998 ₦21,000

  Dues 1999 ₦48,000

  Advance 2000 ₦11,000

  The subscription transferable to the income and expenditure account is?

  Options:
  A) ₦48,000
  B) ₦59,000
  C) ₦60,000
  D) ₦69,000
  Show Answer
  The correct answer is C .
• Question 460:

  Use the information below to answer questions 20 and 21.Jan. 1 Received 1,000 units at ₦10 each

  Jan. 2 Received 2,000 units at ₦12 each

  Jan. 3 Issued 1,500 units

  Jan. 4 Received 1,000 units at ₦11 each

  Jan. 5 Issued 1,000 unitsUsing FIFO method, what is the value of the closing stock?

  Options:
  A) ₦34,000
  B) ₦29,000
  C) ₦17,000
  D) ₦12,000
  Show Answer
  The correct answer is C .