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 901:

  Use the information below to answer this question

  A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

  The yearly depreciation using the straight-line method would be

  Options:
  A) ₦5200
  B) ₦800
  C) ₦6500
  D) ₦4400
  Show Answer
  The correct answer is A .
• Question 902: If salary account is debited instead of stationery account, the error committed is that of? Options:
  A) commission
  B) omission
  C) principle
  D) compensation
  Show Answer
  The correct answer is A .
• Question 903: Which of the following is not a proper form of the accounting equation Options:
  A) fixed assets + current assets - liabilities = capital
  B) fixed assests + current assests + liabilities = capital
  C) fixed assets – liabilities + current assets = capital
  D) fixed asset + current asset – capital = liabilities
  Show Answer
  The correct answer is B .
• Question 904:

  Use the information below to answer question .

  .........................31 Dec. 05........31 Dec. 06

  Total fixed assets.........₦7 800............₦6 600

  Total current assets.......₦12 100............₦17800

  Total current liabilities..₦4 700............₦3 800

  Drawings for 2006 is ₦5 200.

  Determine the capital balance as at Dec. 31,2005?

  Options:
  A) ₦20 600
  B) ₦15 200
  C) ₦13 800
  D) ₦11 600
  Show Answer
  The correct answer is B .
• Question 905: The main purpose of control account is to? Options:
  A) detect errors and irregularities
  B) assist purchases
  C) assist sales
  D) check management incompetence
  Show Answer
  The correct answer is A .
• Question 906: The item on the credit side of the trading account is the? Options:
  A) returns outwards
  B) caarriage on sales
  C) sales
  D) purchases
  Show Answer
  The correct answer is C .
• Question 907: The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts Options:
  A) are not important in cashbooks
  B) are cash items only
  C) do not form part of double entry
  D) are used for bank reconciliation
  Show Answer
  The correct answer is C .
• Question 908:

  Accrual accounting differs from cash accounting because it recognizes

  Options:
  A) prepayment and cash
  B) cash and creditors
  C) cash and debtors
  D) debtors and creditors
  Show Answer
  The correct answer is D .
• Question 909:

  The principle of double entry developed from the axioms of accounting equation is given as

  Options:
  A) Liabilties + Equity = Net assets
  B) Assets + Equity = Liabilities
  C) Liabilities + Equity = Assets
  D) Assets + Liability = Equity
  Show Answer
  The correct answer is C .
• Question 910:

  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 .