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 621: Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its branchWhat is the cost price of the goods sent to the branch Options:
  A) ₦600,000
  B) ₦620,000
  C) ₦640,000
  D) ₦700,000
  Show Answer
  The correct answer is B .
• Question 622: The net profit from a trading account of a non-profit making organization would be treated as income in the Options:
  A) income and expenditure account
  B) receipt and payment account
  C) balance sheet
  D) statement of affairs
  Show Answer
  The correct answer is A .
• Question 623: The details of the share capital which a company is authorized to issue is contained in the Options:
  A) Articles of Association
  B) Companies and Allied Matters Act
  C) Memorandum of Association
  D) Share capitak certificate
  Show Answer
  The correct answer is C .
• Question 624:

  The amount of subscriptions accrued is reported in the balance sheet under

  Options:
  A) fixed cost
  B) current asset
  C) long term liability
  D) current liability
  Show Answer
  The correct answer is B .
• Question 625: In a departmental account, the expenses to be apportioned on the basis of turnover is Options:
  A) carriage inwards
  B) returns outwards
  C) discount recieved
  D) carriage outwards
  Show Answer
  The correct answer is A .
• Question 626:

  Sales ledger control account contains the total amount in respect of

  Options:
  A) investors
  B) creditors
  C) shareholders
  D) debtors
  Show Answer
  The correct answer is D .
• Question 627: The trading account is to a sole trader what income and expenditure account is to a? Options:
  A) partnership
  B) public limited organization
  C) manufacturing organization
  D) non-profit making organization
  Show Answer
  The correct answer is D .
• Question 628: Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction? Options:
  A) Cash account was credited with ₦500,000 and capital account was debited with ₦500,000
  B) Bank account was debited with ₦500,000 and capital account was credited with ₦500,000
  C) Bank account was accredited with ₦500,000
  D) Mr. diamond acount was debited with ₦500,000 and the cheque account was credited with ₦500,000
  Show Answer
  The correct answer is B .
• Question 629: The understatement of closing value of work-in-process would have the effect of? Options:
  A) understating cost of goods manufactured
  B) overstating prime cost of manufactured
  C) overstating cost of goods manufactured
  D) undersating prime cost of goods manufactured
  Show Answer
  The correct answer is C .
• Question 630: The control account is used in facilitating Options:
  A) the location of errors in the various accounts
  B) up to date bank transactions
  C) the payment of debts and liabilities of the firm
  D) assets distribution with respect to income
  Show Answer
  The correct answer is A .