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 801: In a modern day banking system, cash transfer cannot be made where the transferor Options:
  A) has no sufficient cash with the bank
  B) has no account with the bank
  C) does not reside in the bank's country
  D) does not possess the domestic currency
  Show Answer
  The correct answer is A .
• Question 802:

  Stock or raw materials(1st January) 3000

  Direct wages 2500
  Direct expenses 1000
  Factory overheads 2000
  Cost of raw materials used 5500
  Stock of finished goods (31st December) 2000

  The cost of goods manufactured is?

  Options:
  A) ₦11000
  B) ₦12000
  C) ₦14000
  D) ₦9000
  Show Answer
  The correct answer is A .
• Question 803:

  Given:

  I. It records subscription in arrears
  II. Payments of liabilities is effected
  III. The account does not show if cash payment is revenue or capital expenditure
  IV. It performs the same function as cash book

  The features of receipts and payment account includes:

  Options:
  A) III and IV
  B) I, II and IV
  C) II, III and IV
  D) I, II and III
  Show Answer
  The correct answer is C .
• Question 804:

  When expenses are paid on behalf of the venture, the accounting entries is to debit

  Options:
  A) expenses account and credit bank account
  B) bank account and credit joint venture account
  C) joint venture account and credit bank account
  D) joint venture account and credit expenses account
  Show Answer
  The correct answer is C .
• Question 805:

  The issued share capital is the number of shares that are

  Options:
  A) shared among the directors
  B) authorised by the shareholders
  C) fully subscribed
  D) in the share certificate
  Show Answer
  The correct answer is B .
• Question 806:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 807:

  Given:

  Stock of raw materials 1/40............₦11 150

  Purchases of raw materials.............₦112 550

  Raw material returned..................₦31 150

  Stock of Raw materials 31/12/04........₦27 150

  Calculate the cost of raw materials consumed?

  Options:
  A) ₦156 000
  B) ₦38 300
  C) ₦183 150
  D) ₦66 550
  Show Answer
  The correct answer is D .
• Question 808:

  The excess of income over expenditure is usually transferred to the

  Options:
  A) current assets in the balance sheet
  B) profit and loss account
  C) accumulated fund
  D) current liabilities in the balance sheet
  Show Answer
  The correct answer is C .
• Question 809:

  Khalifa's Cash Book
  Date	Particulars	Cash  ₦	Bank ₦	Discount ₦	Date	Particulars	Cash ₦	Bank ₦	Discount ₦
  1/1	Bal. b/d	4 000	5 000		1/11	A. Lisco	200
  1/3	Khadijah		3 000		1/15	NEPA bill		500
  1/10	Sales	1 000	1 500	400	1/28	Purchases	1 500		200
  1/29	Sales		800

  On Jan. 30 Khalifa withdraw ₦2500 from the bank for office use.

  The cash balance at end of the month was

  Options:
  A) ₦1 600
  B) ₦4 100
  C) ₦6 600
  D) ₦6 100
  Show Answer
  The correct answer is B .
• Question 810: In order to make the cash book balance equal to the bank statement, it is usual to add? Options:
  A) uncredited cheques
  B) direct payments by bank
  C) bank charges
  D) unpresented cheques
  Show Answer
  The correct answer is D .