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: A company incurred ₦21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K? Options:
  A) ₦9000
  B) ₦6000
  C) ₦4500
  D) ₦1500
  Show Answer
  The correct answer is B .
• Question 902: Goodwill can be valued in partnership when? Options:
  A) a partners make profits
  B) large losses are made
  C) a partner retires
  D) a new branch is opened
  Show Answer
  The correct answer is D .
• Question 903:

  Given:

  Cost of raw materials issued to production.....₦37000

  Opening stock of raw material..................₦2000

  Purchases of raw material......................₦3800

  Wages .........................................₦500

  What is the closing stock of raw material?

  Options:
  A) ₦4000
  B) ₦3000
  C) ₦2000
  D) ₦1000
  Show Answer
  The correct answer is B .
• Question 904:

  Gross profit in the branch adjustment account is transferred to the branch____________

  Options:
  A) Income and expenditure account
  B) profit and loss account
  C) receipt and payment account
  D) trading account
  Show Answer
  The correct answer is B .
• Question 905: Which of the following is an item of special assets? Options:
  A) Fixed assets
  B) Current assets
  C) Trademark
  D) Gratuity
  Show Answer
  The correct answer is C .
• Question 906:

  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 907: The imprest account is subsidiary to the? Options:
  A) ledger account
  B) bank account
  C) cash book
  D) bank column
  Show Answer
  The correct answer is B .
• Question 908: The total cash and cheques received from customers in a control account is derived from the Options:
  A) purchases day book
  B) cash book
  C) income and expenditure account
  D) sales journal
  Show Answer
  The correct answer is B .
• Question 909:

  Advertising expenses incurred on a product in a business organization should be charged to

  Options:
  A) production department
  B) purchases department
  C) sales department
  D) administrative department
  Show Answer
  The correct answer is C .
• Question 910: In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is Options:
  A) virement
  B) fund accounting
  C) consolidated fund
  D) financial regulation
  Show Answer
  The correct answer is D .