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 941:

  In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

  Options:
  A) carriage inwards
  B) carriage outwards
  C) discount received
  D) returns outwards
  Show Answer
  The correct answer is B .
• Question 942:

  In a petty cash book the imprest is ₦1380.

  Expenses:

  Stationery ₦350
  Cleaning material ₦335
  General expenses ₦265

  How much was received to maintain the imprest at the ends of the month?

  Options:
  A) ₦950
  B) ₦970
  C) ₦430
  D) ₦380
  Show Answer
  The correct answer is A .
• Question 943: Which of the following can be used on admission of a new partnership? Options:
  A) Revaluation account
  B) Profit account
  C) Capital account
  D) Trading account
  Show Answer
  The correct answer is A .
• Question 944:

  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.

  What is the net profit for 2006?

  Options:
  A) ₦19 000
  B) ₦16 000
  C) ₦12 600
  D) ₦10 600
  Show Answer
  The correct answer is D .
• Question 945: When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be? Options:
  A) debit bank, credit custmer and credit conyrol account
  B) credit bank, debit customer, and credit control account
  C) debit customer, debit control accountand credit bank
  D) credit control account, debit bank and debit customer
  Show Answer
  The correct answer is B .
• Question 946:

  The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  Options:
  A) FIFO
  B) LIFO
  C) SAP
  D) WAP
  Show Answer
  The correct answer is D .
• Question 947:

  Given:

  Opening cash balance ₦20,000

  Sales of match tickets ₦15,000

  Clearing of pitch ₦1,200

  Refreshments ₦3,500

  Referees' allowance ₦1,000

  Cost of petrol ₦1,120

  Donation from local government ₦3,800

  The club's balance is

  Options:
  A) ₦39,180
  B) ₦34,830
  C) ₦34,380
  D) ₦31,980
  Show Answer
  The correct answer is D .
• Question 948:

  1/1/2010 31/12/2010

  Creditors - #9,000 #9,800

  Rent owing - #3,800 #2,500

  Rates prepaid - #2,000 #3,500

  Motor van - #8,000 #8,000

  Premises - #10,000 #10,500

  Calculate the closing capital

  Options:
  A) #8,700
  B) #9,500
  C) #9,700
  D) #10,700
  Show Answer
  The correct answer is C .
• Question 949:

  Using the following:

  Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  What is the adjusted cashbook balance?

  Options:
  A) 4000
  B) 300
  C) 4300
  D) 5000
  Show Answer
  The correct answer is C .
• Question 950:

  The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

  Options:
  A) Accountant general
  B) Finance minister
  C) Auditor general
  D) Permanent secretory.
  Show Answer
  The correct answer is C .