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 551:

  Given:

  I. Cash refunds

  II. Debit note issued

  III. Dishonored cheque

  IV. Purchases

  The item on the credit side of purchases ledger control account includes

  Options:
  A) I,II and III only
  B) I and II only
  C) III and IV only
  D) I, III and IV only
  Show Answer
  The correct answer is D .
• Question 552:

  

  The value of the owner's equity is

  Options:
  A) ₦400,000
  B) ₦900,000
  C) ₦957,000
  D) ₦1,357,000
  Show Answer
  The correct answer is C .
• Question 553: Commission-on-turnover is charged on? Options:
  A) current accounts only
  B) savings accounts only
  C) fixed deposit accounts only
  D) all bank accounts
  Show Answer
  The correct answer is A .
• Question 554: Receipt and payment account discloses? Options:
  A) debtors
  B) creditors
  C) prepayment
  D) depreciation
  Show Answer
  The correct answer is C .
• Question 555: The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? Options:
  A) market value of goods produced
  B) prime cost of production
  C) indirect cost of production
  D) goods produced
  Show Answer
  The correct answer is A .
• Question 556:

  Which of the followingis a debit item in the purchase ledger control account?

  Options:
  A) balance b/d
  B) cheque dishonoured
  C) balance c/d
  D) purchases
  Show Answer
  The correct answer is C .
• Question 557:

  

  It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

  Determine the club's excess of income over expenditure

  Options:
  A) ₦12000
  B) ₦15000
  C) ₦10000
  D) ₦14500
  Show Answer
  The correct answer is A .
• Question 558: A pension granted to any past president or vice-president shall be charged to the Options:
  A) consolidation revenue fund
  B) special pension fund
  C) contingency fund
  D) development fund
  Show Answer
  The correct answer is B .
• Question 559: Using LIFO method of stock valuation, analyze the issue quantities and their prices Options:
  A) 260 units at ₦1.50
  B) 700 units at ₦1.50
  C) 200 units at ₦1.50 and 500 units at ₦1.00
  D) 350 units at ₦1.50 and 350 units at ₦1.00
  Show Answer
  The correct answer is A .
• Question 560:

  Given: N

  Direct material - 10 000

  Direct labour - 5000

  Direct expenses - 2000

  Factory overhead - 4000

  What is the prime cost?

  Options:
  A) ₦21 000
  B) ₦17 000
  C) ₦15 000
  D) ₦6 000
  Show Answer
  The correct answer is B .