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 961: 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 962:

  The standing order is a payment instruction given by a

  Options:
  A) customer to a fellow customer
  B) bank to an employee
  C) customer to the bank
  D) bank to the customers
  Show Answer
  The correct answer is C .
• Question 963: The concise statement used to explain entries in the general journal is known as? Options:
  A) narration
  B) summary
  C) information
  D) commentary
  Show Answer
  The correct answer is A .
• Question 964: The standing order is a payment instruction given by a? Options:
  A) customer to the bank
  B) bank to the customer
  C) bank to an employee
  D) customer to a fellow customer
  Show Answer
  The correct answer is A .
• Question 965:

  Stock or raw materials(1st January) 3000

  Direct wages 2500
  Direct expenses 1000
  Factory overheads 2000
  Cost of raw materials used 5500
  Stock of finished goods (31st December) 2000

  The cost of goods manufactured is?

  Options:
  A) ₦11000
  B) ₦12000
  C) ₦14000
  D) ₦9000
  Show Answer
  The correct answer is A .
• Question 966:

  Use the question to answer this questionThe following information were extracted from the books of Miliki state

  Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds

  ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000

  Capital expenditure is

  Options:
  A) ₦345,000
  B) ₦3,245,000
  C) ₦421,000
  D) ₦4,245,000
  Show Answer
  The correct answer is D .
• Question 967:

  If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of₦100,000?

  Options:
  A) ₦130,000
  B) ₦75,000
  C) ₦80,000
  D) ₦125,000
  Show Answer
  The correct answer is B .
• Question 968: The excess revenue over expenditure is charged to Options:
  A) profit and loss
  B) revenue account
  C) accumulated fund
  D) income and expenditure acccount
  Show Answer
  The correct answer is C .
• Question 969: Use the information below to answer this question.Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of₦12,000 furniture worth of ₦18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth ₦35,000.What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co? Options:
  A) 2 : 3
  B) 3 : 2
  C) 6 : 5
  D) 5 : 6
  Show Answer
  The correct answer is A .
• Question 970:

  Factory overheads are also known as

  Options:
  A) direct manufacturing
  B) direct expenses
  C) indirect cost
  D) direct labour
  Show Answer
  The correct answer is C .