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 781:

  Use the information below to answer this question:
  i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank

  What are the current assets?

  Options:
  A) i and v
  B) i and ii
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is B .
• Question 782: The double principle of accounting was developed by? Options:
  A) Frank Wood
  B) Luca Pacioli
  C) Akintola Williams
  D) William Pickles
  Show Answer
  The correct answer is B .
• Question 783:

  July 1 - Started business with #10,500

  July 31- Paid Agromachinex #6,000 owing

  themThe double entry for July 31 would be

  Options:
  A) debit Agromachinex and credit cash
  B) debit equipment and credit Agromachinex
  C) credit capital and debit cash
  D) credit cash and debit purchases
  Show Answer
  The correct answer is A .
• Question 784: If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to? Options:
  A) have a higher cost of goods sold
  B) have a higher gross profit
  C) pay higher gross profit
  D) have a higher value for closing stock
  Show Answer
  The correct answer is B .
• Question 785:

  The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

  Options:
  A) Call in advance
  B) call in arrears
  C) forfeiture
  D) shares
  Show Answer
  The correct answer is B .
• Question 786:

  Use the information below to answer question

  Capital.................................₦60 000

  Bank....................................₦12 500

  General expenses........................₦5 250

  Creditors...............................₦17 000

  Stock...................................₦98 500

  Fixed assets............................₦42 000

  Insurance and rates.....................₦18 800

  Purchase................................₦63 850

  What is the cash balance on the debit side if it is the only item omitted?

  Options:
  A) ₦6745
  B) ₦6754
  C) ₦6475
  D) ₦6574
  Show Answer
  The correct answer is C .
• Question 787: The fourth stage of the accounting information system is? Options:
  A) recording
  B) interpreting
  C) summarizing
  D) classifying
  Show Answer
  The correct answer is C .
• Question 788:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 789: Which of the following is credited to the consolidated revenue fund? Options:
  A) Recurrent expenditure
  B) Capital expenditure
  C) Transfer to revenue fund
  D) International revenue
  Show Answer
  The correct answer is A .
• Question 790:

  Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

  Debit:

  Jan. 1, cost ................₦1950 000

  Dec.31, Addition ............ ₦400 000

  Credit:

  Jan. 1, Depreciation ........₦1360 000

  June 30, Sales proceeds...... ₦700 000

  The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?

  Options:
  A) ₦250 000 loss
  B) ₦50 000 loss
  C) ₦450 000 profit
  D) ₦575 000 profit
  Show Answer
  The correct answer is C .