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 911:

  The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively.

  The collection from customers during the period was ₦70,000. What was the total sale on account?

  Options:
  A) ₦20,000
  B) ₦60,000
  C) ₦80,000
  D) ₦120,000
  Show Answer
  The correct answer is C .
• Question 912: One of the benefits of book-keeping records is that they? Options:
  A) give prospective investors accurate and direct information for decisions-making
  B) provide the public and creditors with details of the operations of an entity
  C) give legal backing to all the transactions undertaken by a business entity
  D) provide information without which the task of management would be difficult
  Show Answer
  The correct answer is A .
• Question 913: The factory cost of producing goods is made up of Options:
  A) prime cost and factory overhead
  B) prime cost and office overhead
  C) raw materials consumed and fixed cost
  D) Raw materials and administrative overhead
  Show Answer
  The correct answer is A .
• Question 914:

  The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

  Options:
  A) warrant
  B) budget
  C) imprest
  D) consolidated fund
  Show Answer
  The correct answer is A .
• Question 915:

  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.

  What is the subscription to be charged to income and expenditure account?

  Options:
  A) N20,000
  B) N30,000
  C) N34,000
  D) N36,000
  Show Answer
  The correct answer is D .
• Question 916: A business transaction is recorded in the books of account when the? Options:
  A) owner of the business invests his ₦10,000 in another company
  B) business retains part of ofits profits for future expansion purposes
  C) business invest applies for overdraft facilities from its bankers
  D) owner of the business collects ₦5,000 from the accountant
  Show Answer
  The correct answer is A .
• Question 917: 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 .
• Question 918:

  Use the information to answer questions 334 and 35.

  .........................Departments

  ...........................P..........Q...........R

  Sales value...............N?........₦23,400....N?

  Selling expenses..........₦1,100....₦1,400.....₦1,280

  Administrative expenses...₦1,400....₦1,000.....₦1,020

  Cost of sales.............₦6,900....₦6,700.....₦5,500

  Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

  What is the sales value of department R?

  Options:
  A) ₦7,800
  B) ₦11,700
  C) ₦23,400
  D) ₦35,100
  Show Answer
  The correct answer is A .
• Question 919: The discount column on the left-hand side of cashbook represents a discount Options:
  A) received from a creditor
  B) allowed to a debtor
  C) received from a debtor
  D) allowed to a creditor
  Show Answer
  The correct answer is B .
• Question 920:

  CR. DR.

  Sales ledger balance 9, 500

  Sales ledger balance 420

  Bought ledgers balance 6, 115

  Bought ledger balance 350

  Credit sales 82, 000

  Purchases journal 54, 700

  Discount allowed 450

  Discount received 200

  Cash refunded to customers (debtors) 120

  Purchases ledger balance 250

  Sales ledger balance 120 The amount brought down in the sales ledger control account would be

  Options:
  A) ₦9, ₦1740; ₦120
  B) ₦90, ₦990
  C) ₦90, ₦870; ₦120
  D) ₦80, ₦750
  Show Answer
  The correct answer is C .