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 71:

  Use the information below to answer question:

  Stock of raw materials (1st January) N3000
  Direct wages N2500
  Direct expenses N1000
  Factory overheads N2000
  Cost of raw materials used N5500
  Stock of finished goods (31st December) N2000

  Determine the prime cost?

  Options:
  A) ₦7500
  B) ₦6500
  C) ₦9000
  D) ₦8000
  Show Answer
  The correct answer is C .
• Question 72:

  Use the information below to answer questions

  Given:

  Returns inwards............₦1500
  Cash.......................₦1550
  Discount...................₦2850
  Capital....................₦3800
  Debtors....................₦900
  Sundry.....................N?

  The value of sundry expenses is 150% of returns inwards plus 50% of debtors

  The total of the trial balance is?

  Options:
  A) ₦6600
  B) ₦6650
  C) ₦5600
  D) ₦5900
  Show Answer
  The correct answer is B .
• Question 73: A rent received by a trader for sub-letting part of his business premises should be added to the? Options:
  A) gross profit
  B) total profit
  C) net profit
  D) total revenue
  Show Answer
  The correct answer is A .
• Question 74: The main objective of bookkeeping is to record economic? Options:
  A) transactions systematically for routine managerial decision-making
  B) events clearly to ensure adequate checks and balances
  C) events clearly to facilitate strategic managerial desicion-making
  D) transaction systematically to ascertain the financial position of a business
  Show Answer
  The correct answer is D .
• Question 75: In a three-column cash book,the discount allowed is shown on the? Options:
  A) debit side
  B) credit side
  C) folio column
  D) memorandum column
  Show Answer
  The correct answer is A .
• Question 76: Goods stolen at the branch is debited to Options:
  A) branch stock account
  B) defalcations account
  C) branch debtors account
  D) branch adjustment account
  Show Answer
  The correct answer is D .
• Question 77: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except Options:
  A) Unpresented
  B) Dividend
  C) Uncredited cheque
  D) credit transfer
  Show Answer
  The correct answer is C .
• Question 78:

  Given:₦6 000 10% preference shares of ₦0.50 each

  ₦6 000 ordinary shares of ₦1 each

  Capital reserves ₦2 700 000

  Long-term liabilities ₦4 000 000Find the value of authorized share capital?

  Options:
  A) 13 000 000
  B) 12 000 000
  C) 9 000 000
  D) 15 700 000
  Show Answer
  The correct answer is C .
• Question 79:

  The difference between double entry and single entry is

  Options:
  A) double entry is based on the dual concept while single entry is not based on dual concept
  B) double entry is an account while single entry is not an account
  C) double entry keeps personal account while single does not
  D) double entry is useful for business enterprise while single entry is not
  Show Answer
  The correct answer is A .
• Question 80: If the assets and liabilities of a firm were valued at ₦17,200 and ₦5,120 respectively, the capital of the firm would be? Options:
  A) ₦22 320
  B) ₦17 200
  C) ₦12 080
  D) 5 120
  Show Answer
  The correct answer is C .