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 831: Use the following information to answer this question.

  Club building 400,000

  Subscription prepaid 3,000

  Sport kits 150,000

  Bar creditors 85,000

  Subscription owing 32,000

  What is the club’s total liabilities

  Options:
  A) ₦11, 700
  B) ₦26, 700
  C) ₦88, 000
  D) ₦85, 000
  Show Answer
  The correct answer is C .
• Question 832:

  The following is a draft balance sheet as at 31/12/92:
  	Cost (N)	Accumulated Depreciation (N)	Net (N)
  Fixed Assets (Tan.)	200 000	100 000	100 000
  Current Assets:
  Stock in trade		10 000
  Trade debtors		4 500
  Cash at bank		22 800
  Cash in hand		9 700
  Trade creditors		?
  Capital		?

  What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with

  Options:
  A) ₦3 000 and show wages accrued ₦500 in the balance sheet
  B) ₦2 000 and show wages accrued ₦500 in the balance sheet
  C) ₦3 000 and show wages perpaid ₦500 in the balance sheet
  D) ₦2000 and show wages paid in advance ₦500 in the balace sheet
  Show Answer
  The correct answer is C .
• Question 833: What was the cost of materials available for use during the period? Options:
  A) ₦487,100
  B) ₦449,500
  C) ₦448,500
  D) ₦440,300
  Show Answer
  The correct answer is D .
• Question 834: Which of the following is a common cause of a discrepancy between head office and branch trial balance? Options:
  A) Debtors and cash in transit
  B) Creditors and cash in transit
  C) Stock and cash in transit
  D) Stock and prepayments
  Show Answer
  The correct answer is A .
• Question 835:

  Given:

  Direct material ₦2,500

  Direct labour ₦5,000

  Direct expenses ₦1,000

  Overhead expenses ₦1,500

  From the data above, compute the prime cost?

  Options:
  A) ₦8,500
  B) ₦7,500
  C) ₦6,500
  D) 6,000
  Show Answer
  The correct answer is A .
• Question 836: Which of the following is not a feature of accounting information? Options:
  A) timeliness
  B) accuracy
  C) completeness
  D) affordability
  Show Answer
  The correct answer is D .
• Question 837:

  The use of three column cash book is determined by

  Options:
  A) trade discount
  B) cash transaction
  C) bank transaction
  D) cash discount
  Show Answer
  The correct answer is D .
• Question 838:

  Branch stock adjustment account is prepared at?

  Options:
  A) Cost price
  B) new price
  C) invoice price
  D) normal price
  Show Answer
  The correct answer is C .
• Question 839: What is the effect of transaction when cash is paid into the bank Options:
  A) Bank balance decrease and cash balance increase
  B) bank balance decrease and cash balance decrease
  C) cash balance increase and bank balance increase
  D) cash balance decrease and bank balance increase
  Show Answer
  The correct answer is D .
• Question 840:

  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 .