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 611: The excess revenue over expenditure is charged to Options:
  A) profit and loss
  B) revenue account
  C) accumulated fund
  D) income and expenditure acccount
  Show Answer
  The correct answer is C .
• Question 612: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 613:

  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 .
• Question 614: The following are the importance of branch account except Options:
  A) it enable the organization to determine the branch that is making either profit or loss
  B) it allows proper control over the branch by the head office
  C) it assist the organization to determine the performance of a branch manager
  D) it allows fraud and wastage of resources
  Show Answer
  The correct answer is D .
• Question 615:

  Use the information below to answer the question:

  Debtors.................................₦20

  Provision for bad debts..................10%

  Provision for discount on debtors........5%

  Determine the amount provided for discount allowed on debtors

  Options:
  A) ₦1000
  B) ₦3000
  C) ₦900
  D) ₦1500
  Show Answer
  The correct answer is A .
• Question 616: Which of the following accounts for the highest revenue to Nigeria? Options:
  A) Import duties
  B) Personal income tax
  C) Petroleum income tax
  D) Company tax
  Show Answer
  The correct answer is C .
• Question 617: A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year? Options:
  A) #2,400
  B) #3,000
  C) #9,800
  D) #1,400
  Show Answer
  The correct answer is D .
• Question 618: A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the? Options:
  A) weighted average method
  B) simple average method
  C) FIFO method
  D) LIFO method
  Show Answer
  The correct answer is C .
• Question 619: Which accounting concept supports the assertion that economic reality takes precedence over legal issues? Options:
  A) Realization concept
  B) Substance over form
  C) Conservatism
  D) Measurement concept
  Show Answer
  The correct answer is B .
• Question 620: The main objective of accounting report is to provide information about? Options:
  A) a company's shareholding
  B) an entity's management
  C) the efficacy of assets
  D) a company's economic resources
  Show Answer
  The correct answer is B .