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 1: Given that the balance as per cash book after necessary adjustment was ₦4,315, unpresented cheques were ₦1,688 and the bank statement balance was ₦4,791, what was the balance of uncredited cheques? Options:
  A) ₦1,223
  B) ₦1,212
  C) ₦1,202
  D) ₦1,115
  Show Answer
  The correct answer is B .
• Question 2:

  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 3: The major feature of a journal is that it has? Options:
  A) six columns, date, particulars, folio, amount, debit and credit
  B) five columns, date particulars, folio, debit and credit
  C) three columns, date particulars and folio
  D) four columns, date particulars, folio and amount
  Show Answer
  The correct answer is B .
• Question 4: The correct entries to record goods transferred to branch from head office is to debit? Options:
  A) branch stock account and credit goods sent to branch account
  B) branch supplies account and credit branch stock account
  C) branch stock account and credit purchases account
  D) goods sent to branch account and credit branch stock account
  Show Answer
  The correct answer is A .
• Question 5:

  $\begin{array}{cc}& \text{N}\\ \text{Balance as per cashbook}& 5467\\ \text{Uncredited cheques}& 4410\\ \text{Unpresented cheque}& 19404\\ \text{Cheques wrongly debited by bank}& 1440\end{array}$

  Options:
  A) ₦4207
  B) ₦9527
  C) ₦6907
  D) ₦9877
  Show Answer
  The correct answer is B .
• Question 6:

  Adodo Enterprises and Loss Account (Extract)
  	₦		₦
  Opening stock	5,000	Sales	100,000
  Purchases	00?00
  	00?00
  Less closing stock	5,600
  Cost of goods sold	00?00
  Gross profit	00?00
  	100,000		100,000

  If the gross profit margin is 10% what is the value of the cost of goods sold?

  Options:
  A) ₦10,000
  B) ₦90,000
  C) ₦105,600
  D) ₦110,000
  Show Answer
  The correct answer is B .
• Question 7: The historical development of accounting reveals that it? Options:
  A) deals with debit and credit of items
  B) is a product of financial development
  C) is a product of its own evironmnent
  D) is an ideal subject for finacial development
  Show Answer
  The correct answer is A .
• Question 8: Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment. Options:
  A) #300
  B) #400
  C) #600
  D) #200
  Show Answer
  The correct answer is B .
• Question 9: If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to? Options:
  A) have a higher cost of goods sold
  B) have a higher gross profit
  C) pay higher gross profit
  D) have a higher value for closing stock
  Show Answer
  The correct answer is B .
• Question 10:

  An advantage of FIFO method of stock valuation is that

  Options:
  A) it is calculated at the end of the year
  B) its flow of cost is in sequence with the flow of stock
  C) it is progressive in nature
  D) it serves as a control during inflation
  Show Answer
  The correct answer is B .