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: What is the consolidated revenue fund balance? Options:
  A) ₦1100,000
  B) ₦680,000
  C) ₦440,000
  D) ₦410,000
  Show Answer
  The correct answer is A .
• Question 552: On the dissolution of a partnership business,the net book value of the assets is transferred to? Options:
  A) debit of realization account
  B) credit of realization account
  C) credit of bank account
  D) debit of bank account
  Show Answer
  The correct answer is B .
• Question 553:

  Use the information below to answer the question.

  Purchase:

  Raw materials.................₦15 000
  Finished goods...........................₦11 400

  Stock:....(1/7/01)

  Raw materials..........₦2 250
  Work-in-progress.........................₦1 875

  Wages:

  Direct........................₦17 100
  Indirect.................................₦5 400

  Stock:.....(30/06/02)

  Raw materials.......₦3 000
  Work-in-progress.........................₦3 375

  The cost of raw materials consumed is

  Options:
  A) ₦17 250
  B) ₦15 750
  C) ₦15 000
  D) ₦14 250
  Show Answer
  The correct answer is D .
• Question 554:

  Which of the following are sources of revenue to state government in Nigeria?

  I Statutory allocation
  II Fines from customary courts
  III Petroleum tax
  IV Income tax

  Options:
  A) I and II only
  B) II and III
  C) I and IV
  D) III and IV
  Show Answer
  The correct answer is C .
• Question 555:

  Given:
  ₦
  Total debtors b/d 31/12/99 25,000
  Cheques received from debtors 255,000
  Total debtors c/d 31/12/00 15,000

  Calculate the sales figure

  Options:
  A) ₦245,000
  B) ₦215,000
  C) ₦295,000
  D) ₦265,000
  Show Answer
  The correct answer is A .
• Question 556: What is the correct entry in the head office books at the point of initial transfer of the goods? Options:
  A) Branch stock account would be credited with
  B) Branch stock account would be debited with ₦12,000
  C) Goods sent to branch account would be debited with ₦10,800
  D) Goods sent to branch account would be credited with ₦12,000
  Show Answer
  The correct answer is D .
• Question 557:

  Ii) Add up both side

  Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

  Options:
  A) ii, i and iii
  B) i, iii and ii
  C) ii, iii and i
  D) i, ii and iii
  E) Deducted the smaller side figure from the bigger side figure .
  Show Answer
  The correct answer is B .
• Question 558:

  The excess of sales over cost of goods sold is?

  Options:
  A) gross sales
  B) gross profit
  C) net profit
  D) net sales
  Show Answer
  The correct answer is B .
• Question 559: Adaobi mistakenly entered ₦7000 as credit sales in Abba's account. This is? Options:
  A) an error of principles
  B) a compensating error
  C) an error of commission
  D) an error omission
  Show Answer
  The correct answer is C .
• Question 560:

  Amin Ltd. Creditor Ledger Control Account (Extracts)

  Beginning control account

  Balance: Debit 32,000

  Credit 61,000

  Purchases during the year:

  Cash 30,000

  Credit 60,000

  Payment to suppliers:

  Cash 13,000

  Cheque 29,000

  Debtor's contra 6,000

  The closing control account balance is

  Options:
  A) ₦41,000
  B) ₦65,000
  C) ₦71,000
  D) ₦77,000
  Show Answer
  The correct answer is A .