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 841:

  Accounting standards are issued at the International level by the

  Options:
  A) Standards Advisory Council
  B) International Accounting Standards Board
  C) Nigerian Accounting Standards Board
  D) Standing Interpretations Committee
  Show Answer
  The correct answer is B .
• Question 842: The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of Options:
  A) goods available for sale
  B) goods sold
  C) goods manufactured
  D) materials put into production
  Show Answer
  The correct answer is C .
• Question 843:

  Halal Limited with three departments has a total of ₦7,200,000 as net debtors for the year ended 31/12/97.

  The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

  Options:
  A) ₦6,120,000
  B) ₦6,120,300
  C) ₦8,280,000
  D) 8,820,000
  Show Answer
  The correct answer is A .
• Question 844:

  Profit expressed in relation to cost of goods sold is

  Options:
  A) turnover
  B) cost price
  C) margin
  D) mark -up
  Show Answer
  The correct answer is D .
• Question 845: Debentures can be redeemed out of? Options:
  A) existing share capital reserve
  B) existing general reserve
  C) proceeds from new issue of shares
  D) withholding tax
  Show Answer
  The correct answer is B .
• Question 846:

  Which of these is the main source document for recording cash paid into bank?

  Options:
  A) invoice
  B) credit note
  C) cheque book
  D) pay-in-slip
  Show Answer
  The correct answer is D .
• Question 847: Journal proper is used in recording? Options:
  A) transactions that are not regular
  B) returns from customers
  C) credit sales
  D) the receipt and payment for money
  Show Answer
  The correct answer is A .
• Question 848:

  Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

  Use the details above to answer the following question.

  The N6,000 subscription received is?

  Options:
  A) capital
  B) fixed asset
  C) current liability
  D) current asset
  Show Answer
  The correct answer is C .
• Question 849:

  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

  What was the balance of cash with the petty cashier at the end of period 1?

  Options:
  A) ₦450
  B) ₦300
  C) ₦50
  D) ₦200
  Show Answer
  The correct answer is C .
• Question 850:

  Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

  Options:
  A) Selling price
  B) Fixed percentage on cost
  C) Cost price
  D) Invoice price
  Show Answer
  The correct answer is C .