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 791:

  	₦
  Balance as per cash book	5467
  Uncredited cheques	4410
  Unpresented cheques	19404

  The balance as per bank statement is

  Options:
  A) ₦20,461
  B) ₦21,091
  C) ₦21,109
  D) ₦19,021
  Show Answer
  The correct answer is A .
• Question 792: What is the value of stock as at the end of July 10 using FIFO? Options:
  A) ₦14 400
  B) ₦13 300
  C) ₦15 200
  D) ₦12 600
  Show Answer
  The correct answer is B .
• Question 793:

  Given:

  (i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price

  From the information above, the prices used in charging goods to the branches are?

  Options:
  A) i and ii
  B) i, ii and iii
  C) i, ii, iii and iv
  D) iii and iv
  Show Answer
  The correct answer is B .
• Question 794:

  Use the information below to answer questions .

  (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 ii
  B) i and v
  C) ii and iv
  D) iii and v
  Show Answer
  The correct answer is A .
• Question 795: Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days). Options:
  A) 28 days
  B) 42 days
  C) 27 days
  D) 23 days
  Show Answer
  The correct answer is A .
• Question 796: 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 797: The use of a three-column cash book is determine by? Options:
  A) cash discounts
  B) trade discounts
  C) cash transactions
  D) bank transactions
  Show Answer
  The correct answer is A .
• Question 798:

  Use the information below to answer the question.

  Subscription.....................₦5420
  Canopy rent......................₦400
  Wages............................₦1100
  Post-ages........................₦300
  Loss from bar....................₦160
  Purchases of new furniture.......₦120
  Premises.........................₦4000
  Furniture at the beginning.......₦1120

  What is the cash balance in the receipts and payments account?

  Options:
  A) ₦2 520
  B) ₦2600
  C) ₦3000
  D) ₦120
  E) No option
  Show Answer
  The correct answer is E .
• Question 799: Which of the following signs general warrant for the release of money from the consolidated revenue fund? Options:
  A) Minister of Finance
  B) Chairman, Economic Advisory Committee
  C) Permanent secretary
  D) Minister of Economic Planning
  Show Answer
  The correct answer is A .
• Question 800:

  

  Determine the closing stock under LOFO method

  Options:
  A) ₦575
  B) ₦500
  C) ₦375
  D) ₦275
  Show Answer
  The correct answer is A .