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 751:

  The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .
• Question 752:

  Given:

  Subscription in arrears 01/10/06...........₦2 000

  Subscription in advance 01/10/06...........₦1 500

  Subscription paid during the year..........₦7 000

  Subscription in arrears 31/12/06...........₦3 000

  Determine the amount of subscription included in the income and expenditure account for the year?

  Options:
  A) ₦3500
  B) ₦7000
  C) ₦9500
  D) ₦13 500
  Show Answer
  The correct answer is C .
• Question 753: The difference between book keeping and accounting is that while Options:
  A) book keeping interprets data, accounting records it
  B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness
  C) book keeping records data accounting interprets it
  D) book keeping summaries information accounting communicatesit
  Show Answer
  The correct answer is C .
• Question 754:

  The main purpose of transaction file is?

  Options:
  A) to record assets and liabilities
  B) to update income and expenses
  C) to make organization decision
  D) to update master files
  Show Answer
  The correct answer is D .
• Question 755:

  Dr. Sales Ledger Control Account . Cr

  	₦		₦
  Bal b/f	3,250	Bal b/f	125
  Sales	19,075	Bank	16,387.50
  Dishonoured cheque	625	Discount	862.50
  Stopped cheque	250	Returns inwards	325
  Bal c/d	230	Set off	900
  		Bal c/d	4740
  	23430		23430
  Bal b/d	4740	Bal b/d	230

  The amount ₦19,075 represents

  Options:
  A) the double entry for the total sales account
  B) total sales for the month
  C) credit sales
  D) cash sales for the month
  Show Answer
  The correct answer is C .
• Question 756: 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 757: The federal government approved ₦140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality? Options:
  A) ₦35m
  B) ₦14m
  C) ₦56m
  D) ₦28m
  Show Answer
  The correct answer is C .
• Question 758:

  Use the information below to answer question .

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

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

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

  The provision for bad debt is?

  Options:
  A) ₦2000
  B) ₦800
  C) ₦3000
  D) ₦1900
  Show Answer
  The correct answer is A .
• Question 759: The fixed amount of money given to a petty cashier at the beginning of a period is called? Options:
  A) imprest
  B) petty cash
  C) float
  D) cash advance
  Show Answer
  The correct answer is C .
• Question 760: A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period? Options:
  A) ₦17,800
  B) ₦19,600
  C) ₦29,200
  D) ₦32,800
  Show Answer
  The correct answer is D .