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:

  One of the options below is not the source of income for non - profit organization

  Options:
  A) ordinary shares
  B) donations
  C) subscription/dues
  D) entrance fees
  Show Answer
  The correct answer is C .
• Question 832:

  Use the following information below to answer this question

  Five hundred naira monthly is allowed on an imprest system. The following transactions took place
  Period 1: ₦
  Cash advanced to petty cashier 500
  Petty cashier paid out: Stamp 200
  Newspaper 250
  Period 2:
  Cash to petty cashier 450
  Cashier paid for writing materials 350

  Howmuch should the petty cashier receive after period 2?

  Options:
  A) ₦150
  B) ₦350
  C) ₦250
  D) ₦500
  Show Answer
  The correct answer is B .
• Question 833:

  Given:

  Prime cost ₦220,000
  Factory cost ₦32,000
  Work in progress at beginning ₦25,000
  Work in progress at close ₦19,000
  Administrative expenses ₦21,000

  Determine the production cost

  Options:
  A) ₦296,000
  B) ₦277,000
  C) ₦258,000
  D) ₦246,000
  Show Answer
  The correct answer is C .
• Question 834: In a departmental account, where no basis of apportionment exist, apportionment is Options:
  A) on profit basis
  B) according to employee decision
  C) according to material available
  D) on equal basis
  Show Answer
  The correct answer is D .
• Question 835: The cost of goods available for sale is? Options:
  A) ₦4 600
  B) ₦5 000
  C) ₦6 400
  D) ₦4 400
  Show Answer
  The correct answer is D .
• Question 836: The following appears in trading account except Options:
  A) sales
  B) carriage outward
  C) carriage inward
  D) opening stock
  Show Answer
  The correct answer is B .
• Question 837:

  The fixed amount of money given to a petty cashier at the beginning of a period is called?

  Options:
  A) Imprest
  B) float
  C) cash advance
  D) cash
  Show Answer
  The correct answer is A .
• Question 838: The distributable profit available to shareholders at the end of each year is the Options:
  A) total profit and debtors balance
  B) general reserve and retained profit
  C) retained profit and fictitious assets
  D) total profit less creditors balance
  Show Answer
  The correct answer is D .
• Question 839:

  $\begin{array}{cccc}\text{Capital}& 12,700& \text{Purchases}& 7,100\\ \text{Debtors}& 400& \text{Stationery}& 1,900\\ \text{Sales}& 2,400& \text{Wages}& 1,230\end{array}$

  Determine the closing balance of the cash book?

  Options:
  A) ₦655 credit
  B) ₦655 debit
  C) ₦130 credit
  D) ₦130 debit
  Show Answer
  The correct answer is B .
• Question 840: The Auditor General of the Federation can be removed by the? Options:
  A) National Assembly
  B) Chief Justice
  C) The president
  D) Head of Service
  Show Answer
  The correct answer is C .