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 891: Which of the following accounts for the highest revenue to Nigeria? Options:
  A) Import duties
  B) Personal income tax
  C) Petroleum income tax
  D) Company tax
  Show Answer
  The correct answer is C .
• Question 892: Receipt and payments account of a non-profit making organization is principally a summary of the? Options:
  A) bak entries
  B) cash bok entries
  C) expenditure entries
  D) balance sheet entries
  Show Answer
  The correct answer is B .
• Question 893:

  Balance sheet (Extract)Creditors #7,940

  Prepaid expenses ₦290

  Accrual expenses ₦323

  Stock #4,500

  Cash balance #4,956

  Debtors ₦905The value of the current assets will be

  Options:
  A) #10,361
  B) #10,651
  C) #17,396
  D) #17,848
  Show Answer
  The correct answer is B .
• Question 894:

  Use the information below to answer this question

  Date.............QTY. .....RATE........TOTAL
  ...............(Units).....N...........N
  January 2nd.....500........25..........12500
  March 7th.......250........28..........7000

  Issues were made as follows:

  Date............QTY. (uNITS)
  January 9th .....200
  February 14th ...200
  March 11th ......200

  The value of closing stock as at February 14th by simple average method is

  Options:
  A) ₦3900
  B) ₦2500
  C) ₦4100
  D) ₦2700
  Show Answer
  The correct answer is A .
• Question 895:

  N	N
  Capital                                         39,000	Land  20,000
  Long Term Loan      15, 000	Building 30,000
  Creditors                                       9,000	Stock  40,000
  	Debtors  6,000
  Accrued wages                             5,000	Cash  8, 000
  68,000	68,000

  Use the information above to answer the question:

  The acid test ratio in the company is ___________

  Options:
  A) 1:1
  B) 2:3
  C) 1:2
  D) 3:2
  Show Answer
  The correct answer is A .
• Question 896: In a public corporation, the capital expenditure incurred in a financial period is? Options:
  A) spread over the useful life of the assets through depreciation
  B) apportioned at a pre-determined rate stipulated by law
  C) written off in the year in which they occur
  D) merged with recurrent expenditure and reported in one required lump sum
  Show Answer
  The correct answer is C .
• Question 897: Which of the following ratios gives an idea of the liquidity of a firm? Options:
  A) Turnover ratio
  B) Quick ratio
  C) Debit ratio
  D) Dividend yield
  Show Answer
  The correct answer is B .
• Question 898:

  Use the information below to answer the question

  Direct labour...................₦50 000
  Beginning work-in-progress......₦4 000
  Raw materials used..............₦18 000
  Indirect labour.................₦4 000
  Ending finished goods...........₦16 000
  Ending work-in-progress.........₦9 000
  Factory supplies used...........₦7 000
  Selling expenses................₦25 000
  Beginning finished goods........₦21 000
  Other factory overheads.........₦19 000

  Calculate the prime cost.

  Options:
  A) ₦50 000
  B) ₦68 000
  C) ₦70 000
  D) ₦75 000
  Show Answer
  The correct answer is B .
• Question 899:

  The document issued by a revenue collector as evidence of payment to a government ministry is a

  Options:
  A) receipt voucher card
  B) stores receipt voucher
  C) treasury receipt
  D) payment voucher
  Show Answer
  The correct answer is A .
• Question 900:

  Which of the following is used to service all operations of government?

  Options:
  A) general reserve fund
  B) consolidated revenue fund
  C) special operational fund
  D) consolidated reserve fund
  Show Answer
  The correct answer is B .